The Northern Miner October 31 2016 Issue

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SEABRIDGE GOLD

New studies for KSM copper-gold project / 3

EDITORIAL

Inaugural YMP Awards launched / 4

RING OF FIRE

Noront sees metal opportunity / 13

OCTOBER 31-NOVEMBER 6, 2016 / VOL. 102 ISSUE 38 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Prosper Gold duo eyes another win at Ashley SITE VISIT

| Team that developed Blackwater in BC turns to Timmins

BY SALMA TARIKH starikh@northernminer.com TIMMINS, ONTARIO

P

rosper Gold’s (TSXV: PGX) management aims to repeat the success it had at Richfield Ventures’ Blackwater gold project in B.C. at Prosper’s new Ashley gold project near Timmins, Ontario.

Led by president and CEO Peter Bernier and vice-president of exploration Dirk Tempelman-Kluit, Prosper began drilling the Ashley project in early September, seven months after it optioned into the historic Ashley gold mine and surrounding claims. Initial results should be out shortly.

Bernier, who got his first taste of exploration staking claims around Hemlo at the age of 15, says Ashley could become a significant find.

The Timmins born and raised entrepreneur founded Richfield, a private exploration firm that became public in late 2007. Before listing on the TSX Venture Exchange, Bernier contracted then-retired geologist Tempelman-Kluit to complete a technical report on the company’s copper project. Tempelman-Kluit had spent most of his career at the Geological Survey of Canada’s Cordilleran Division, where he mapped large parts of the Yukon.

Impressed by each other’s work ethic, the two joined forces in 2005.

Tempelman-Kluit started working as Richfield’s vice-president of exploration, playing a crucial role in the firm’s success story.

“That guy is amazing. He’s 78 now and he’s spry. He does all our 3-D modelling. He’s one of the smartest guys you will ever meet,” Bernie says one crisp September morning during a two-and-a-half-hour drive from the Timmins airport to the Ashley project.

We turn onto Highway 101 to Timiskaming. Bernier points out the headframe of the former McIntyre underground gold mine, near the McIntyre arena, where he grew up playing hockey.

The McIntyre mine, along with Hollinger and Dome, are the “big three” gold mines discovered during the Porcupine gold rush of 1909.

They placed Timmins on the map

New execs hope to turn around Luna Gold BRAZILIAN GOLD

| Aims to duplicate success of True Gold

BY TRISH SAYWELL tsaywell@northernminer.com

T

he team that put the Karma gold mine into production in Burkina Faso for True Gold before the junior was acquired by Endeavour Mining (TSX: EDV; USOTC: EDVVF) for $240 million in April, hopes to duplicate its success at Luna Gold (TSX: LGC) in Brazil.

Luna Gold owns 100% of the Aurizona gold mine, which has been on care and maintenance since the third quarter of 2015. During its last reported year of production in 2013, the mine turned out 79,229 oz. gold at total cash costs of US$723 per oz. gold.

“We were quite excited when we looked at it because we were really See LUNA / 14 PM40069240

Prosper Gold’s CEO Peter Bernier (left) and vice-president of exploration Dirk Tempelman-Kluit stand in front of Vein No. 1 on the Ashley gold project in Timmins, Ontario. PHOTO BY SALMA TARIKH

as one of Canada’s leading gold districts.

“It’s kind of weird coming back here after all these years,” Bernier concedes. The executive, who’s also an avid hunter and Ultimate Fighting Championship fan, has lived in B.C. since the mid-80s.

During the economic downturn in 2008, Richfield switched its exploration focus from copper to gold.

It thought it would have better luck raising money for a gold project.

“The Blackwater discovery was made in ’52. We went in there in 2009. Dirk told me that people

didn’t know they were sitting on at least a million ounces,” Bernier says, taking his eyes off the road.

Tempelman-Kluit had recognized the presence of extensive hydrothermal alternation in Blackwater’s drill core photos, which suggested there was gold mineralization on the property. His insight paid off.

Richfield bought the Blackwater project in 2009. A year and after half later, it had delineated an indicated and inferred resource of 4.2 million oz. gold.

This attracted the acquisitive eye

of New Gold (TSX: NGD; NYSEMKT: NGD). The producer bought Richfield for over $500 million in June 2011.

The two received the AME BC H.H. “Spud” Huestis Award for excellence in prospecting and mineral exploration in 2011.

Bernier formed Prosper Gold in 2012. The junior optioned into the Star Porphyry copper-gold project in B.C. in 2013. But the project garnered little market interest, so the duo began looking for a gold See PROSPER / 2

TECK: MOVES TO AQUIRE 100% OF AUSTRALIAN ZINC PLAY / 16

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OCTOBER 31–NOVEMBER 6, 2016 / THE NORTHERN MINER

Prosper Gold duo eyes another win at Ashley PROSPER From 1

project.

“We probably looked at 300 to 400 projects before we picked this one,” Bernier says of the Ashley project.

“We see huge potential here. If we didn’t, we wouldn’t be able to sell it ourselves,” Bernier says. The executive, along with Tempelman-Kluit, has his own money tied into Prosper.

The two own a combined 25% of the junior. They have also forgone their salaries for the last two years to help keep the company afloat.

The Ashley project Despite sitting in an established mining camp, some 17 km west of Alamos Gold’s (TSX: AGI; NYSE: AGI) Young-Davidson gold mine, Ashley is relatively underexplored.

The recently consolidated property sits in the southwestern part of the Abitibi greenstone belt and the western part of the CadillacLarder fault system. Historically, that system churned out a third of the estimated 160 million oz. gold produced from the Abitibi belt.

The 98 sq. km Ashley property includes the Ashley claim, which hosts the past-producing mine, as well as the Wydee and Matachewan claims and Galahad leases.

From the Timmins airport, the project is accessible via paved highways 101 and 66. Highway 66 leads to Matachewan, Ont., where it becomes Highway 566, an all-weather gravel road that leads directly to the former underground mine.

Discovered in 1930, the Ashley deposit was swiftly developed into a mine with an inclined shaft, six levels and 4,500 metres of underground workings. The deepest level extends only 210 metres below surface.

From 1932 to 1937, it produced 50,099 oz. gold from 157,636 tons at 0.32 oz. gold per ton (143,000 tonnes at 10.9 grams per tonne) from the high-grade Ashley vein.

Prosper describes the Ashley vein as a sheeted quartz vein, which contains visible gold, telluride and minor pyrite, chalcopyrite, galena and sphalerite.

The Ashley vein is one of the known gold-bearing vein systems on the project, along with Garvey.

The Garvey vein, 1.3 km northwest of Ashley, generated a historic 26-ton (23.6-tonne) bulk sample yielding 0.86 oz. gold per ton (29.5 grams per tonne).

Tempelman-Kluit guides us towards the moss-covered remnants of the processing facility, hidden behind the trees. “You can see it was a substantial operation,” he says. He suspects a low gold price and high mining costs contributed to the shut down.

While a historic fire destroyed most of the mine’s records, it is clear the project has seen little exploration.

The Martin family held the claim from 1980 to 2015, TempelmanKluit reveals.

In 1981, oil and gas firm Petromet Resources optioned into the Ashley claim. It conducted geological mapping, trenching, surface sampling and drilling, before taking off in the mid-80s. Several other companies briefly looked at the claim, but never stuck around long enough to reopen the mine.

“They kind of fooled around.

Nobody has committed,” Tempelman-Kluit says. “So we’re going to commit.” That said, he notes Prosper does not plan to dewater the former mine or increase its tonnage. Instead,

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A driller working at Prosper Gold’s Ashley gold project in Timmins, Ontario. PHOTO BY SALMA TARIKH

it aims to discover a large deposit and delineate a resource, before selling it to another company.

After the Martins let their Ashley claim lapse, prospectors Randall Salo, Jacques Robert, David Lefort and Andrew McLellan staked it.

Bernier — who knew the first two from his claim staking days — says Salo pitched the project to Prosper in late 2015.

“I looked at the initial data and I was interested, but not blown out of the water,” Tempelman-Kluit admits. However, after hearing about the project again, he reviewed more data on the project and was sold. The reason behind this was the location.

“I liked how in Ontario, when you want to look for a gold mine, you have to be near the headframe of an old mine. And here, we were right over top of it. So that was good.”

Other attributes included that the project was in a pro-mining jurisdiction, was easy to access and hosted high-grade gold vein systems, and bulk-tonnage syenite gold targets.

In February, Prosper signed an option agreement to own 100% of the 14.3 sq. km Ashley claim. It agreed to pay $700,000, 1.7 million shares and complete $700,000 in work expenditures over three years. The four prospectors will retain a 3% net smelter return royalty, where Prosper could buy back 2% for $2.5 million.

Also that month, it optioned into Alexandria Minerals’ (TSXV: AZX) Wydee and Matachewan claims. It agreed to provide 750,000 shares and invest $5 million over five years to earn a 75% interest. It could increase this to 90% by tabling a resource estimate of 1.5 million oz. gold.

The 48 sq. km Wydee and 22.3 sq. km Matachewan claims cover 30 km of strike of the Cadillac fault system, extending west and east of the Young-Davidson gold mine. The Wydee claim surrounds the Ashley mine and contains several syenite bodies that resemble the YoungDavidson host rocks, Prosper says.

The junior then picked up JCML Resources’ 13.5 sq. km Galahad leases in April. They sit 2.5 km southwest of the former Ashley mine.

With the land package consolidated and over $3 million raised in private placements, Prosper kicked off a 2016 technical program.

It completed extensive airborne geophysical surveys at both the Ashley and Matachewan claims. It

“THE ASHLEY VEIN IS LIKE SOMEBODY’S ARM. SOMEBODY HAS FOUND THE ARM, BUT WHERE’S THE BODY? WE’RE LOOKING FOR THE BODY.” DIRK TEMPELMAN-KLUIT VICE-PRESIDENT OF EXPLORATION, PROSPER GOLD

What’s left of the processing facility from the historic Ashley gold mine on Prosper Gold’s property. PHOTO BY SALMA TARIKH

conducted a large soil geochemical survey over the property, where it collected more than 7,000 samples over sections of the Ashley and Wydee claims.

The results from the airborne surveys — coupled with preliminary magnetic, resistivity and gravity results — showed a “west- to northwest-trending fabric thought to reflect the northwest continuity of the Cadillac Larder Lake break,” Prosper says. Meanwhile, soil results revealed a strong gold-telluriumbismuth-in-soil anomaly over the Ashley mine. The anomaly extends northward and is 1.8 km long and 300 to 800 metres wide.

Prosper is the first to complete, comprehensive exploration on the property, Tempelman-Kluit says.

At the waste pile left from the former operation, which may still contain high-grade gold, he stoops over and picks up a black, red and white rock. “Basalt, syenite and vein. That’s it. It’s not complicated geology,” he says.

We reach Vein No. 1, which runs parallel to the main Ashley vein.

“This gives you an idea that it’s a gently dipping vein, which is fairly

difficult to mine. But there’s quite a bit of alteration. It’s not a vein, it’s what we call a ‘sheeted vein system.’

It has parallel sheets. That is also what we’re seeing with the drilling so far through the Ashley vein,” Tempelman-Kluit says.

On Sept. 6, Prosper started its initial 7,500- to 8,000-metre drill program. The program will focus on the known veins: Ashley, Garvey, Garvey South and Ashley West. It aims to test the connections between them and test for other gold-bearing structures. The budgeted $1 million program will wrap up by year-end.

“The Ashley vein is like somebody’s arm,” Tempelman-Kluit says.

“Somebody has found the arm, but where’s the body? We’re looking for the body. The body is usually not that far away from the arm. The real question is: in which direction from the arm is the body?”

With drilling underway, the geologist is positive he will soon have an idea of what Prosper is sitting on.

“At the end of the year, we won’t be able to come out with a resource.

But we will know if it’s worthwhile to keep going.” TNM

2016-10-25 7:05 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 31–NOVEMBER 6 2016

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The field camp at Seabridge Gold’s KSM gold-copper project, 65 km northwest of Stewart, British Columbia. SEABRIDGE GOLD

Seabridge improves economics at KSM, drills new zone BC GOLD-COPPER

BY SALMA TARIKH

S

starikh@northernminer.com

eabridge Gold (TSX: SEA; NYSE: SA) has published two more economic studies at its large-scale KSM gold-copper project in northern B.C., confirming the project’s long life and low costs.

In late September, Seabridge updated a 2012 prefeasibility (PFS) — used to complete its environmental assessment in 2014 — by incorporating the slightly larger 2016 reserve estimate and lower metal price assumptions.

Located 65 km northwest of Stewart, B.C., the KSM project hosts four core deposits: Kerr, Sulphurets, Mitchell and Iron Cap. It contains 38.8 million oz. gold reserves and 10.2 billion lb. copper (from 2.2 billion tonnes grading 0.55 gram gold and 0.2% copper per tonne). This makes it one of the world’s largest undeveloped gold-copper deposits.

“It’s a giant, and it happens to be in one of the safest political jurisdictions in the world: Canada. We also de-risked it by going through an environmental assessment process,” Seabridge’s chairman and CEO Rudi Fronk says.

The 2016 PFS — prepared by Tetra Tech — envisions KSM as a combined open-pit and underground block-caving mining operation that could operate for 53 years. Annual production should average 540,000 oz. gold and 156 million lb. copper a year over the mine’s life.

The study proposes open-pit and underground block-cave mining at the Mitchell deposit, supplemented by open-pit mining at Sulphurets and Kerr, and underground block caving at Iron Cap. The maximum mill throughput would reach 130,000 tonnes a day.

The cost of getting the mine up and running is a staggering US$5 billion, down 12% from the 2012 PFS. Estimated sustaining costs are US$5.5 billion.

Total costs are US$673 per oz. gold produced, net of copper and silver credits. That “remains well below the industry average for operating mines,” Seabridge says.

Using a 5% discount rate, KSM has a base-case, after-tax net present value (NPV) of US$1.5 billion and an 8% internal rate of return (IRR). Payback should occur within 6.8 years. The study assumed lower

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| Tetra Tech predicts a 53-year open-pit and underground block-caving operation

metal prices of US$1,230 per oz. gold, US$2.75 lb. copper and US$17.75 per oz. silver, and a lower U.S. to Canadian dollar exchange rate of 0.80.

(The 2012 PFS had an 11.5% pretax IRR. The study did not disclose after-tax numbers.)

On Oct. 6, Seabridge released a preliminary economic assessment (PEA) to show how the project’s economics in the 2016 PFS could improve by including the highgrade Deep Kerr and Iron Cap Lower zones. The study left out these zones, as they contain only inferred resources.

In total, the PEA incorporated an inferred resource of 2.7 billion tonnes at 0.35 gram gold and 0.3% copper, of which some were also on the project’s core deposits.

The study recommends that mining at both the Kerr deposits should occur together by underground block caving. It also suggests the same for the Iron Cap deposits, while shrinking the earlier proposed open pits.

It envisages KSM as a 51-year mine, where open-pit mining would account for 22% of the total production, compared to 70% in the 2016 PFS. This would result in the mine’s total waste rock shrinking 81%, or 2.4 billion tonnes, which lowers the project’s footprint.

By including Deep Kerr, the maximum mill throughput will jump to 170,000 tonnes per day.

The higher throughput would lead to more annual metal production and declining costs.

The PEA estimates total costs of US$358 per oz. gold, net of byproduct credits, down 47% from earlier. Expected life-of-mine operating costs would come in at negative US$179 per oz., including copper and silver credits, versus US$277

in the PFS. The downside of transitioning the project to a mostly underground operation is the higher capital requirement. Estimated start-up costs are US$5.5 billion, with life-of-mine sustaining costs of US$10 billion.

Commenting on the higher sustaining costs, Fronk notes the PEA removed 2.4 billion tonnes of waste from the mine plan, resulting in lower stripping and water treatment costs. “At a $2-per-tonne mining cost, that is essentially equal to the $5 billion of incremental sustaining capital,” he says.

Using the same parameters as in the PFS, the PEA’s base-case after-tax NPV and IRR improve to US$3.4 billion and 10%. The payback period is 6.4 years.

In the PEA’s alternate case, where it uses higher metal prices of US$1,500 per oz. gold, US$3 per lb. copper and US$25 per oz. silver, the NPV and IRR increase to US$6 billion and 13.4%. The payback period falls to 4.7 years.

Fronk notes the IRR and NPV fail to capture the value of a long-life asset like KSM, adding the payback period is a better indicator. The PEA’s alternate case estimates it would take five years to recoup the project’s initial costs. “That’s onetenth of the mine life. That’s about as good as it gets in terms of capital efficiency,” he says.

Although some of the large gold companies have a “12% to 15% hurdle rate,” KSM benefits from being de-risked and its location in a politically safe jurisdiction, which Fronk says would allow a lower hurdle rate.

Seabridge prefers to develop the “shovel-ready” project in a joint venture, where it could stay on as a minority owner and minimize

its capital requirement. The executive notes the company is in talks with potential partners, and could likely sign an agreement next year, if market conditions improve.

On Oct. 11, Seabridge received permits from the B.C. government to develop an exploration adit into the large Deep Kerr deposit. With the 2,100-metre adit, Seabridge can drill the deposit from underground, which is cheaper than drilling from surface. The drilling will help the company upgrade the deposit’s inferred resource to higher categories.

A week later, the junior reported favourable results from a mid-year drill hole that tested the Iron Cap

Lower zone at depth. While the hole confirms the extension of the zone, it also intersected a new high-grade gold-copper zone. It returned 61 metres of 1.2 grams gold and 0.95% copper, which are among the best grades found to date on the KSM project.

The company says the zone could represent a new core zone. It aims to follow up on the result in its 2017 drill campaign.

Seabridge shares ended Oct. 20 at $14.99 per share. The company has an $811-million market capitalization. Fronk expects the firm will end 2016 with $10 million in the bank. TNM

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

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| Young Mining Professional Award to honour mining’s best under 40

A

t The Northern Miner, we’ve taken good care to honour the old lions and lionesses of the Canadian mining industry with our cofounding and ongoing sponsorship of the Canadian Mining Hall of Fame and its annual induction ceremony — which has grown to become one of the industry’s must-attend events each January — as well as our support

BY JOHN CUMMING of the two mining halls of fame in the United jcumming@northernminer.com States. Now it’s time to also acknowledge the industry’s younger members, with our full support of the inaugural annual “Young Mining Professional” award, which will shine a light on the best and brightest of the under-40 crowd in Canada and the United States.

We are partnering with the Young Mining Professionals (YMP) group — with its lively and growing chapters in Vancouver, Toronto and Montreal — to launch the YMP Awards, which in the words of the YMP, will “recognize two young mining professionals, a male and a female, who over the past year, and during the course of their careers, have demonstrated exceptional leadership skills and innovative thinking to provide value for their companies and shareholders, as well as for themselves.”

The awards are named after two iconic entrepreneurs in the mining industry: Barrick Gold founder Peter Munk, and mining executive Eira Thomas, who first gained prominence for her role in growing the diamond miner Aber Resources.

Nominations for the Peter Munk Award (male) and the Eira Thomas Award (female) are open to the public until Jan. 15, 2017.

A selection committee comprised of YMP directors and Northern Miner executives will judge the nominees and announce the winners in February 2017, with their profiles published in The Northern Miner.

The YMP Awards Gala will be held on March 4, 2017, at the Shangri-La Hotel in Toronto, the day before the start of the Prospectors & Developers Association of Canada (PDAC) convention.

But the YMP and The Northern Miner need your help in identifying the best young leaders in mining in Canada and the U.S., and encourage nominations to be submitted online at www. youngminingprofessionals.com/ympawards.html The basic criteria are that nominees: must be under the age of 40 during 2016; currently engaged in the mining and metals industry; and domiciled in Canada or the United States.

Along with your nomination, please include a brief description of why you think this individual deserves either the award. ​The YMP gives special thanks to the YMP Awards’ founding sponsors: Barrick Gold, KPMG, Cassels Brock and the PDAC. The Clintons, Morocco and OCP The usually low-profile mining industry first popped up in the highstakes U.S. 2016 presidential election campaign a couple of years ago, with the New York Times’ revelations of former U.S. president Bill Clinton’s appearance in Kazakhstan in the 2000s praising the authoritarian leader there, the sale of Kazakhstan’s uranium assets to Uranium One, the subsequent donation of millions of dollars by Uranium One-linked mining executives to the Clinton Foundation, and the later approval by the Hillary Clinton-led U.S. State Department of the sale of U.S. uranium assets to Uranium One, after the firm had been bought by Russian interests.

As the election race enters its final two weeks, mining has unexpectedly popped up again in the form of Moroccan state-owned phosphate mining giant OCP and its murky relation to Hillary Clinton and the Clinton Foundation, as revealed in personal emails of Clinton staffers newly released by Wikileaks.

It seems Hillary Clinton pushed hard to get a US$12-million donation for the Clinton Foundation from OCP — which is controlled

by Morocco’s King Mohammed VI — partly in return for the Clinton Foundation holding a posh convention — closed to the media — in Marrakesh in May 2015, with Hillary as the keynote speaker. But as her presidential campaign was already underway, Hillary decided not to appear and sent Bill and their daughter in her place.

The U.S. State Department under Hillary Clinton had accused the Moroccan government of “arbitrary arrests and corruption,” according to Fox News. But The Daily Caller reported that Hillary Clinton supported the king when she was secretary of state, and the U.S.-financed ExportImport Bank gave OCP a US$92 million loan guarantee during her tenure.

OCP is accused by its opponents of benefitting from operations located in hotly disputed areas of Western Sahara, and so any continued support of the status quo by a future president Hillary Clinton would likely benefit OCP and Morocco’s royals. TNM

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Meetings. . . . . . . . . . . . . . . 5 Metal Prices . . . . . . . . . . . . 7

Professional Directory . . 12 Stock Tables . . . . . . . . . 6-10

COMPANY INDEX Alamos Gold. . . . . . . . . . . 11 Alexandria Minerals. . . . . 2 AngloGold Ashanti. . . . . 14 Balmoral Resources. . . . . 13 Barrick Gold. . . . . . . . . . . 15 Bear Creek Mining . . . . . 15 Corex Gold. . . . . . . . . . . . 11 De Beers . . . . . . . . . . . . . . 13 Dynacor Gold Mines. . . . 15

Endeavour Mining. . . . . . . 1 First Quantum Minerals.15 Glencore . . . . . . . . . . . . . . 16 Goldcorp. . . . . . . . . . . . . . 11 Hochschild Mining. . . . . 15 Hudbay Minerals. . . . . . . 15 Luna Gold. . . . . . . . . . . . . . 1 Minas Buenaventura. . . . 15 Noront Resources . . . . . . 13

Panoro Minerals. . . . . . . . 15 Petromet Resources. . . . . . 2 Prosper Gold. . . . . . . . . . . 1 Rox Resources . . . . . . . . . 16 Sandstorm Gold . . . . . . . 14 Seabridge Gold. . . . . . . . . . 3 Southern Copper. . . . . . . 15 Teck Resources. . . . . . . . . 16 Vale. . . . . . . . . . . . . . . . . . . 11

O P- E D

World Gold Council: Price drop likely to spur demand METALS COMMENTARY

| Fundamentals remain solid for the yellow metal

The following is an edited market analysis released by the World Gold Council in early October.

For more information, please visit www.gold.org.

in our analysis), average gold returns remain positive.

• Falling rates are linked to higher gold prices, yet rising rates aren’t always linked to lower prices.

fter a remarkable performance year-to-date, the gold price fell over 3% on Oct. 4, taking it below US$1,300 per oz. for the first time since the Brexit announcement in June 2016. The move seems to have been driven by speculation of a scaling back in the European Central Bank ’s (ECB) asset purchase program, combined with rising expectations of a U.S. interest rate hike in December. The move was exacerbated by technical levels, tactical positioning in derivatives markets and a national holiday in China.

The price dip could offer a buying opportunity for consumers and long-term investors. In addition, even though central banks may normalize monetary policies, the prolonged extraordinary measures have led to a structural shift in asset allocation that will linger.

In this new normal of lower returns and higher uncertainty, gold has a role to play in the portfolios of investors large and small.

A buying opportunity Despite the decline, gold is one of the best performing assets this year, rising 20% in dollar terms.

C onsu mers a nd i nvestors may see the price decline as a buying opportunity, as many have waited for a price pullback before entering the market.

Third-quarter 2015 served as an example, when a 7% decline in the gold price triggered a spike in demand for jewellery and bars and coins.

Data already points to an uptick in consumer interest. The top-five countries where consumers searched online for gold after the price drop were in the Middle East, with the United Arab Emirates being number one. Anecdotal evidence suggests that consumers held off purchases in previous months, so this may well trigger an increase in demand. The price correction also comes at a good time for Indian consumers. With a good monsoon, the upcoming

A

THE TOP-FIVE COUNTRIES WHERE CONSUMERS SEARCHED ONLINE FOR GOLD AFTER THE PRICE DROP WERE IN THE MIDDLE EAST. Gold dips below US$1,300 For the past three months, the gold price traded from US$1,310 to US$1,370 per oz. gold.

In the early hours of Oct. 4, the price consolidated near the lower end of the range. This was driven by slightly better-than-expected economic news in the U.S. and recent bullish commentary by some of the U.S. Federal Reserve’s Federal Open Market Committee members.

The media also reported that the ECB might scale back its €10 billion monthly bond purchase program.

Once the gold price pushed below US$1,310 per oz. — representing gold’s 100-day moving average — technical selling increased sharply, exacerbating the fall and triggering stop-losses, and more tactical selling.

Meanwhile, Chinese investors, who have historically bought on dips, were celebrating the Golden Week national holiday, leaving domestic markets closed.

Rates may not sink price A shift in monetary policy need not signal lower gold prices.

Although negative nominal rates are unprecedented, there are many historical precedents for negative real rates, which give rise to the following stylized facts: • W hen real rates are negative, gold returns tend to be twice as high as the long-term average.

• Even if real rates are positive and as long as they are not high (4%,

wedding season and Diwali and Dhanteras festivals, demand could pick up after subdued activity year-to-date.

Volumes in t he physica lly gold-backed exchange-traded funds picked up in the secondary market as the price fell, and they haven’t resulted in large redemptions so far. This could indication that there is an appetite for gold amongst the investment community.

Central banks, a major driver of gold demand, are still strong buyers of the metal to diversify their reser ve asset holdings, considering the shrinking universe of non-negative yielding assets.

The Russian central bank recently said that it had no target for its gold holdings and buys regularly every month. Meanwhile, a recent sur vey of 19 central bank reserve managers — conducted by the World Gold Council — shows that nearly 90% of them will either increase or keep current gold reserve levels, indicating a strong floor of support for gold demand.

Gold fundamentals solid Market f luctuations will occur from time to time, but the fundamental environment for gold remains strongly supportive. The broader market environment of low and negative interest rates — coupled with political, economic and policy uncertainty — remains unchanged, and are generally positive for gold. TNM

2016-10-25 7:05 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 31–NOVEMBER 6 2016

EVENTS

MEETINGS Oct 31 Oct 31 Oct 31 Nov 01 Nov 01 Nov 01 Nov 03 Nov 03 Nov 03 Nov 04 Nov 07 Nov 07 Nov 08 Nov 08 Nov 08

Hornby Bay Mineral Exploration AS Inca One Gold AG Luna Gold S Academy Explorations AG Orestone Mining AG Ucore Rare Metals AG Colorado Resources AG Nevada Energy Metals AGS Agrium S Ely Gold & Minerals A Goldeye Explorations S Omineca Mining and Metals AS Bold Ventures AGS Discovery Harbour Resources AGS Great Thunder Gold AG

MEETINGS LEGEND A – Annual E – Extraordinary G – General S – Special

5

Nov 1 4 -15 The Silver and Gold Summit The Park Central Hotel, San Francisco, CA Tel: (604) 687-4151; Toll Free: 1-877-363-3356 (U.S., CAN) Email: info@cambridgehouse.com Website: http://www.cambridgehouse.com Nov 1 6 -18 Manitoba Mining & Minerals Convention Winnipeg, MAN Tel: 204-945-2691; Toll-free: 1-800-2235215 Email: shirley.holgate@gov.mb. ca Website: http://www.gov.mb.ca/ iem/convention Dec 5 -9 AEMA 2016 Annual Meeting, Exposition & Short Courses Nugget Casino Resort, Sparks, NE Tel: (509) 624-1158 Email: info@miningamerica. org Website: http://www. miningamerica.org

NOTICE TO CREDITORS OF RUBICON MINERALS CORPORATION, 0691403 B.C. LTD., 1304850 ONTARIO INC., RUBICON MINERALS NEVADA INC., RUBICON NEVADA CORP., RUBICON ALASKA CORP. AND RUBICON ALASKA HOLDINGS INC. AND/OR THEIR DIRECTORS OR OFFICERS NOTICE OF COMPANIES’ CREDITORS ARRANGEMENT ACT PROCEEDINGS PLEASE TAKE NOTICE that on October 20, 2016, Rubicon Minerals Corporation, 0691403 B.C. Ltd., 1304850 Ontario Inc., Rubicon Minerals Nevada Inc., Rubicon Nevada Corp., Rubicon Alaska Corp. and Rubicon Alaska Holdings Inc. (collectively, the “Applicants”), commenced restructuring proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”, with such proceedings being, the “CCAA Proceedings”) and Ernst & Young has been appointed monitor (the “Monitor”) of the Applicants by an Order of the Ontario Superior Court of Justice (the “Court”) made October 20, 2016 (the “Initial Order”). The Initial Order provides for, among other things, a stay of proceedings in respect of the Applicants until and including November 19, 2016 (the “Stay Period”), which Stay Period may be extended by the Court from time to time.

Yamana Gold’s Fazenda Brasileiro gold mine in Brazil, which would spin off into Brio Gold. YAMANA GOLD

Yamana revisits plans to divest Brio Gold portfolio GOLD

| Brio stable includes Fazenda Brasileiro, Pilar and C1 Santa Luz in Brazil

BY MATTHEW KEEVIL

L

mkeevil@northernminer.com VANCOUVER

ast year Yamana Gold (TSX: YRI; NYSE: AUY) floated the idea that it could divest a number of “non-core” South American assets to optimize its operating portfolio, lower debt and improve market valuations.

The company went so far as to create the wholly owned Brio Gold subsidiary, and recruit a dedicated management team to pursue “strategic alternatives,” but a plan to monetize the assets via a private placement was scrapped in late 2015, due to poor market conditions.

On Oct. 17, Yamana unveiled a new divestiture plan through a preliminary prospectus related to a secondary offering of Brio Gold shares. The company is now proposing a spin-off, wherein it would retain an equity interest in the new company.

Shareholders would receive purchase rights to acquire part of Yamana’s interest in the subsidiary.

The deal pricing and quantity of shares available was not disclosed at press time, but the company says it would eventually lower its equity ownership to 20% in the public company.

The Brio Gold umbrella includes the Fazenda Brasileiro gold mine, Pilar gold mine and C1 Santa Luz gold project in Brazil. Earlier this year Yamana added the Riacho dos Machados gold mine to the portfolio for $50 million. The company expects the business unit will

1 2 3 4 5 11 13 14 15 16_OCT31_Main .indd 5

generate 200,000 oz. gold this year at all-in sustaining costs ranging from US$940 to US$950 per oz. gold. The guidance does not include C1 Santa Luz, which would hit production in 2017.

Yamana has indicated that “operational improvements” at Fazenda and Pilar, as well as an “improved outlook” at Santa Luz, have given Brio the potential to produce 280,000 oz. gold annually at all-in sustaining costs of US$840 per oz. gold.

On a pro-forma basis, Brio would have US$6.6M in cash and no debt.

It would also negotiate a credit facility totalling US$75 million.

an investment they already own.”

Meanwhile, Scotiabank analyst Tanya Jakusconek says that a 40% stake in Brio could be worth US$250 million before taxes and fees, and said the “key to the success of the deal” is tied to whether “the market will value Brio higher on a standalone basis than it is being valued within Yamana.”

GMP Securities analyst Steven Butler estimates a US$550million net asset value for Brio at a 15% discount rate, and calculates that Yamana could raise “a mininum of US$190 million” by selling a 40% stake.

YAMANA SAYS THE BRIO PORTFOLIO COULD PRODUCE 280,000 OZ. GOLD ANNUALLY AT ALL-IN SUSTAINING COSTS OF US$840 PER OZ. GOLD. BMO Capital Markets analyst Andrew Kaip said that the discussion to divest Brio a year ago was “premature,” but speculates that “investors appear to have a greater degree of comfort with the proposed turnaround plans, and we expect the offering to daylight value for the company, while retaining some optionality as a retained interest.”

BMO Research ca lcu lates a US$590-million net present value for the Brio assets at a 5% discount rate, and notes that it may prove challenging to “entice existing shareholders to contribute cash to

GMP Research speculates that “the exercise price of the purchase rights could be somewhere between an initial public offering discount and a rights offering discount” at 10–20%.

Yamana shares have traded within a 52-week range of $2 to $7.87, and closed at $4.96 per share at press time.

The company intends to use any proceeds from a Brio divestiture to lower outstanding debt, which totals US$1.8 billion.

Yamana has 948 million shares outstanding for a $4.7-billion market capitalization. TNM

During the Stay Period, all parties are prohibited from commencing or continuing legal actions against the Applicants and all rights and remedies of any party against or in respect of the Applicants or their assets are stayed and suspended except with the written consent of the Applicants and the Monitor, or leave of the Court. The Initial Order also prohibits the Applicants from making payments relating to the supply of goods or services prior to October 20, 2016, other than payments to certain parties as specified in the Initial Order.

Copies of the Initial Order and the other others issued in the CCAA Proceedings have been posted on the Monitor’s website at: www.ey.com/ca/rubicon (the “Monitor’s Website”).

NOTICE OF CLAIMS PROCESS AND CLAIMS BAR DATE IN THE CCAA PROCEEDINGS NOTICE IS HEREBY GIVEN that pursuant to an Order of the Court made October 20, 2016 (the “Claims Procedure Order”), a claims procedure has been commenced for the purpose of identifying and determining all claims against the Applicants and the Directors and Officers of the Applicants that are to be affected in the Applicants’ Plan of Compromise and Arrangement under the CCAA. PLEASE TAKE NOTICE that the claims procedure applies only to the Claims described in the Claims Procedure Order. A copy of the Claims Procedure Order and other public information concerning CCAA Proceedings in respect of the Applicants can be found at the Monitor’s Website. Any creditor, other than an Allowed Secured Creditor, who has not received a Notice of Claim and who believes that he or she has a Claim against the Applicants or a Director or Officer under the Claims Procedure Order must contact the Monitor in order to obtain a Proof of Claim Form.

THE CLAIMS BAR DATE is 5:00 p.m. (Toronto Time) on November 11, 2016. Proofs of Claim in respect of Pre-filing Claims and Director/Officer Claims must be completed and filed with the Monitor on or before the Claims Bar Date.

THE RESTRUCTURING PERIOD CLAIMS BAR DATE is 5:00 p.m.

(Toronto Time) on the date that is four (4) Calendar Days after termination, repudiation or resiliation of the agreement or other event giving rise to the Restructuring Period Claim. Proof of Claim Forms in respect of Restructuring Period Claims must be completed and filed with the Monitor on or before the Restructuring Period Claims Bar Date.

HOLDERS OF CLAIMS WHO HAVE NOT RECEIVED A NOTICE OF CLAIM OR WHO DO NOT FILE A PROOF OF CLAIM FORM BY THE CLAIMS BAR DATE OR THE RESTRUCTURING PERIOD CLAIMS BAR DATE, AS APPLICABLE, SHALL NOT BE ENTITLED TO VOTE AT ANY MEETING OF CREDITORS REGARDING THE PLAN OF COMPROMISE AND ARRANGEMENT BEING PROPOSED BY THE APPLICANTS OR TO PARTICIPATE IN ANY DISTRIBUTION UNDER SUCH PLAN, AND ANY CLAIMS SUCH CREDITOR MAY HAVE AGAINST THE APPLICANTS AND/OR ANY OF THE DIRECTORS OR OFFICERS OF THE APPLICANTS SHALL BE FOREVER EXTINGUISHED AND BARRED. CREDITORS REQUIRING INFORMATION or claim documentation may contact the Monitor at the following address by prepaid registered mail, courier, personal delivery, fax, email or telephone: Ernst & Young Inc., Court-appointed Monitor of Rubicon Minerals Corporation, 0691403 B.C. Ltd., 1304850 Ontario Inc., Rubicon Minerals Nevada Inc., Rubicon Nevada Corp., Rubicon Alaska Corp. and Rubicon Alaska Holdings Inc. Claims Process 222 Bay Street, Toronto-Dominion Centre PO Box 251, Toronto, ON M5K 1J7 Attention: Donna Hatfull Telephone : 416-941-1880 (Local Toronto) 1-844-201-1547 (Toll-Free) Email: rubicon@ca.ey.com

© 2016 Ernst & Young Inc.

2016-10-25 7:05 PM

6

WWW.NORTHERNMINER.COM

OCTOBER 31–NOVEMBER 6, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / OCTOBER 17–21 Canada’s main benchmark index rose on the back of higher commodity prices and better-than-expected corporate earnings.

The S&P/TSX Composite Index gained 2.4% to close at 14,939.04 — its highest level in 16 months. The S&P/TSX Global Mining advanced 6.4% to 63.49, and the S&P/TSX Global Gold Index surged 8.8% to finish at 224.07. The spot gold price in New York climbed 1.2%, or US$15.20, to US$1,265.70 per ounce. December West Texas Intermediate crude added 1% to close at US$50.85 per barrel.

Canada’s manufacturing sales increased 0.9% in August, beating expectations. The Bank of Canada held its key interest rate at 0.5%. However, it lowered its economic growth forecasts, citing a slower housing market and declining exports. The central bank expects 1.1% growth this year and 2% next year, compared to 1.3% and 2.2% earlier.

Alderon Iron Ore climbed 68.2% to 19¢ per share, after updating its Kami iron ore project in Labrador. Alderon has retained Montreal, Que.-based BBA to complete the re-scoping process by publishing a preliminary economic assessment (PEA) of Kami. The PEA will incorporate the existing infrastructure at the idled Wabush mine to lower the project’s initial and sustaining capital costs. Given there are no reserves

remaining at the Wabush mine, the pit could be used as a tailings storage and management facility for the Kami project. Alderon intends to work with relevant stakeholders to acquire access to the Wabush mine, which sits 6 km away.

Alamos Gold shares jumped 18.4% to $11.60, after it made a strategic investment in Corex Gold. Alamos paid $2.5 million for a 19.1% interest in the junior. It bought 25.3 million Corex shares for 10¢ a share. Corex’s flagship Santana gold property sits 50 km southeast of Alamos’ Mulatos gold mine in Sonora, Mexico. Alamos notes it made the purchase for investment purposes and may adjust it depending on market conditions.

Corex also issued 3 million shares to management and 6.1 million shares to H. Morgan & TSX MOST ACTIVE ISSUES

B2Gold Teck Res Yamana Gold Kinross Gold IAMGOLD First Quantum Suncor Energy Barrick Gold OceanaGold Goldcorp

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTO 24080 3.73 3.28 3.69 + 0.44 TCK.B 23629 27.45 25.16 27.31 + 2.65 YRI 22237 5.17 4.80 5.08 + 0.29 K 19573 5.23 4.72 5.20 + 0.46 IMG 19326 5.52 4.35 5.46 + 1.01 FM 18763 11.87 10.54 11.70 + 1.05 SU 17960 39.49 37.17 39.19 + 1.81 ABX 16358 22.87 20.65 22.56 + 1.96 OGC 14633 4.39 3.71 4.19 + 0.48 G 13750 20.79 18.87 20.68 + 1.87

Co. (HMC), which is Santana’s operator, at 10¢ apiece. HMC and Corex’s management now own 17.8% and 8% of Corex.

ECobalt Solutions, previously Formation Metals, was the biggest percentage loser, plunging 22.5% to 55¢ per share. The company reported that it obtained a receipt for a preliminary short form, base shelf prospectus with the Securities Commissions in each of the provinces in Canada except Quebec.

Upon receiving a final receipt, eCobalt can make offerings of up to $100 million of securities during the 25 months that the shelf prospectus is effective. ECobalt intends to use the proceeds from selling securities to develop its Idaho cobalt project.

Agnico Eagle Mines topped the value gainers’ list, advancing $5.32 to $65.33 per share. It will release its third-quarter results on Oct. 26. TNM

TSX GREATEST PERCENTAGE CHANGE

Alderon Iron Silver Bear Rs Century Global Metalore Res Talon Metals Treasury Metal IAMGOLD EurOmax Res Loncor Res Alamos Gold Formation Mtls Redhawk Res Northcliff Res Serabi Gold Azarga Uranium AZ Mining Entree Gold Goldgroup Mng IC Potash Zazu Metals

ADV SBR CNT MET TLO TML IMG EOX LN AGI ECS RDK NCF SBI AZZ AZ ETG GGA ICP ZAZ

1231 0.19 2402 0.36 41 0.25 9 2.80 1151 0.08 1456 0.78 19326 5.52 256 0.67 17 0.16 5367 11.63 1355 0.74 263 0.06 405 0.12 84 0.09 62 0.23 12493 2.95 1937 0.33 448 0.28 1049 0.13 130 0.21

0.11 0.25 0.19 2.05 0.06 0.63 4.35 0.55 0.15 9.80 0.53 0.05 0.10 0.00 0.20 2.59 0.29 0.25 0.11 0.18

0.19 0.36 0.25 2.80 0.08 0.74 5.46 0.65 0.16 11.60 0.55 0.05 0.10 0.08 0.21 2.60 0.30 0.26 0.11 0.19

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

AEM Agnico Eagle Franco-Nevada FNV Endeavour Mng EDV Agrium AGU MAG Silver MAG Teck Res TCK.B Teck Res TCK.A Silver Wheaton SLW Detour Gold DGC Pan Am Silver PAA AZ Mining AZ Formation Mtls ECS Nexgen Energy NXE Sierra Metals SMT Eastmain Res ER Almaden Mnls AMM Niocorp Dev NB INV Metals INV Carpathian Gld ESM Entree Gold ETG

+ 68.2 + 44.0 + 35.1 + 27.3 + 25.0 + 23.3 + 22.7 + 20.4 + 19.2 + 18.4 - 22.5 - 16.7 - 13.6 - 11.1 - 10.9 - 9.1 - 9.1 - 8.8 - 8.3 - 7.3

VOLUME WEEK (000s) CLOSE CHANGE

3621 65.33 + 5.32 2524 87.99 + 4.72 1088 25.16 + 3.83 1603 121.21 + 3.57 1435 20.53 + 3.02 23629 27.31 + 2.65 28 27.55 + 2.65 5582 32.41 + 2.37 4210 25.95 + 2.26 1596 22.50 + 2.14 12493 2.60 - 0.26 1355 0.55 - 0.16 2379 1.67 - 0.12 2 1.84 - 0.11 937 0.80 - 0.06 141 1.65 - 0.04 291 0.77 - 0.04 182 0.66 - 0.04 1073 1.06 - 0.04 1937 0.30 - 0.03

TSX VENTURE EXCHANGE / OCTOBER 17–21 The S&P/TSX Venture Composite Index recovered 17.55 points, or 2.3%, to a 790.57-point close, after three weeks of declines. Spot gold prices rose US$15.43 to US$1,266.46 per oz., despite a possible U.S. interest rate hike in December, while Comex copper prices shed US2¢ to US$2.09 per lb. copper.

Abitibi Royalties rose 98¢ to $8.44 per share after disclosing that Yamana Gold’s wholly owned subsidiary, Brio Gold, intends to distribute purchase rights to its shareholders as a dividend in-kind. Abitibi, which owns 3.5 million shares in Yamana, could receive purchase rights in connection with the offering, and plans to announce a decision on whether it will participate or sell its rights when more information is available. Abitibi holds a 3% net smelter return royalty (NSR) on the eastern part of Agnico Eagle Mines and Yamana’s Canadian Malartic gold mine, including an NSR on the project’s Odyssey North gold discovery.

Junior explorer Macarthur Minerals saw 12.7 million shares traded before closing up 2¢ to 8¢ after finding lithium during a shallow auger drilling program at its Stonewall project in the Lida Valley, Nevada. The 22.1 sq. km property is in a basin next to the Clayton Valley, which hosts North America’s only producing lithium mine, Albemarle’s

Silver Peak lithium mine. The nine-hole drill program sediment samples graded between 34.6 ppm lithium and up to 145.5 lithium.

Filo Mining, a spin-out of Lukas Lundin’s NGEx Resources, gained 60¢ to $2.10 per share after reporting on Oct. 11 initial metallurgical results from its flagship Filo del Sol coppergold-silver project straddling the border between Argentina and Chile. Bottle roll tests on drill cuttings from the three zones within the deposit shows copper and gold recoveries from oxide samples at 95.1% and 93.2%, whereas test work on a mixed-silver zone indicates “good extractions of silver, gold and copper by cyanidation, at the expense of high cyanide and lime consumption.” Sequential leach tests on a copper oxide zone provided 94% and 87% copper and gold recoveries.

TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Altai Res ATI 16501 Macarthur Mnl MMS 12725 MX Gold MXL 10966 Rye Patch Gold RPM 9274 AXE Expl AXQ 8564 Ashburton Vent ABR 7713 Golden Dwn Ml GOM 7645 Am Manganese AMY 7234 Select Sands SNS 7141 Alexandria Min AZX 6444

0.16 0.10 0.19 0.32 0.04 0.03 0.30 0.20 1.21 0.07

0.05 0.06 0.15 0.26 0.03 0.02 0.20 0.14 0.83 0.05

0.08 + 0.08 + 0.17 unch 0.32 + 0.03 + 0.02 - 0.29 + 0.15 + 1.20 + 0.06 -

0.04 0.02 0.00 0.06 0.01 0.01 0.03 0.02 0.35 0.01

Shares of Avino Silver and Gold Mines rose 28¢ to $2.64 on the back of the firm's thirdquarter production results at its operations near Durango, Mexico. Lower recoveries from mining a new zone at its Avino silver-goldcopper mine, combined with lower grades at its San Gonzalo silver-gold mine, resulted in a 16% drop in equivalent silver production to 649,841 tonnes, compared to third-quarter

results last year. A resource update at the company’s Bralorne gold property near Gold Bridge, B.C., saw a 53% and 62% increase in measured and indicated tonnes when compared to the 2012 estimate. Resources for the deposit stand at 247,773 measured and indicated tonnes of 9.36 grams per tonne gold, and 329,786 inferred tonnes of 6.24 grams gold. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Nickel North PNG Gold Bandera Gold Acme Res Inc First Bauxite Altai Res Darnley Bay Arcturus Vents Wescan Gldflds Mesa Expl Randsburg Intl MacDonald Mns ExGen Res Inc Pitchblack Res Geodex Mnrls Empire Rock Worldwide Res Zincore Mtls War Eagle Mg Ironside Res

NNX PGK BGL ARI FBX ATI DBL AZN.H WGF MSA RGZ.H BMK EXG PIT.H GXM EPR WR.H ZNC.H WAR IRC

409 508 542 20 78 16501 2508 534 24 151 40 182 450 78 32 5 24 8 300 88

0.04 0.01 0.01 0.12 0.06 0.16 0.23 0.03 0.10 0.06 0.01 0.01 0.01 0.10 0.08 0.23 0.04 0.15 0.03 0.11

0.01 0.01 0.01 0.00 0.03 0.05 0.14 0.02 0.00 0.05 0.00 0.01 0.01 0.00 0.00 0.13 0.02 0.10 0.03 0.00

0.04 0.01 0.01 0.12 0.06 0.08 0.23 0.03 0.10 0.06 0.01 0.01 0.01 0.08 0.05 0.13 0.02 0.10 0.03 0.09

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 166.7 + 100.0 + 100.0 + 84.6 + 83.3 + 77.8 + 73.1 + 66.7 + 58.3 + 50.0 - 66.7 - 50.0 - 50.0 - 44.8 - 44.4 - 44.4 - 42.9 - 37.5 - 37.5 - 37.0

VOLUME WEEK (000s) CLOSE CHANGE

Abitibi Royalt Filo Mg Corp Select Sands Avino Silver Timberline Res Azarga Mtls Callinex Mines Fortune Bay Bear Creek Mng Atico Mng ScoZinc Mg Gold Reserve Zenyatta Vent Stakeholdr Gld Barsele Min Millennial Lit Barksdale Cap Regulus Res Titanium Corp Empire Rock

RZZ FIL SNS ASM TBR AZR CNX FOR BCM ATY SZM GRZ ZEN SRC BME ML BRO.H REG TIC EPR

22 87 7141 139 100 263 4634 181 626 741 4 66 227 41 362 409 41 313 45 5

8.44 2.10 1.20 2.64 0.73 0.50 0.51 0.85 2.79 0.67 0.88 5.35 1.25 0.72 1.22 1.46 0.40 1.15 0.58 0.13

+ + + + + + + + + + - - - - - - - - - -

0.98 0.60 0.35 0.28 0.20 0.16 0.15 0.15 0.14 0.14 0.27 0.17 0.15 0.13 0.13 0.13 0.11 0.11 0.11 0.10

U.S. MARKETS / OCTOBER 17–21 U.S. equities rose after a brighter outlook for commodities and positive corporate earnings in a number of sectors. The Dow Jones Industrial Average climbed 1% to 18,145.71, and the S&P 500 Index moved up 0.4% to 2,141.16.

The Nasdaq Composite gained 0.8% to close at 5,257.40. The spot gold price advanced 1.2% to US$1,265.70 per oz. gold. The December contract for U.S. crude oil added nearly 1% to settle at US$50.85 per barrel.

Hecla Mining shares rose 12.8% to US$5.91 on the back of third-quarter production results. Silver output grew 67% year-over-year to 4.3 million oz., while gold production jumped 20% to 52,126 oz. gold. Lead production increased 14%, while zinc output fell 15%.

Silver-equivalent ounces climbed 17% year over year to 10.3 million. Given the strong performance from all its mines, Hecla has increased its 2016 silver guidance from 15.75 million to 16.25 million oz., the highest ever in its 125-year history. At the end of September, the company’s cash, equivalent and short-term investments were US$192 million, up US$33 million from the previous quarter. This includes US$16 million of insurance proceeds for the Troy mine reclamation. Hecla expects

6_OCT31_MarketNews.indd 6

to report its third-quarter financials on Nov. 8.

Dominion Diamond edged up 1.7% to US$8.92 per share, after reporting thirdquarter production results from its 40% held Diavik diamond mine. Diavik generated 1.54 million carats from 580,000 tonnes on a 100% basis. This represents a 22% year-over-year increase for both tonnes and carats. The higher processing volumes came from higher ore availability, mainly from A-418, which had poor ground conditions a year ago. The higher tonnes led to more diamond production.

Dominion’s 40% share amounts to 618,000 carats generated from 233,000 tonnes grading U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 127676 10.29 9.50 10.04 + 0.38 United States S* X 124139 20.42 16.50 19.78 + 3.36 Vale* VALE 123446 6.36 5.60 6.26 + 0.68 Yamana Gold* AUY 96931 3.93 3.64 3.82 + 0.17 Barrick Gold* ABX 75013 17.43 15.70 16.92 + 1.23 Kinross Gold* KGC 68875 3.93 3.58 3.92 + 0.30 Teck Res* TCK 52838 20.84 19.17 20.50 + 1.73 Alcoa* AA 45875 27.43 25.63 26.88 + 0.44 Vale* VALE.P 45494 5.91 5.15 5.90 + 0.75 IAMGOLD* IAG 41587 4.14 3.31 4.10 + 0.73

2.65 carats per tonne. While grade improved 7% from the year-ago quarter, it was below plan due to higher underground dilution.

Along with Diavik, Dominion operates the Ekati diamond mine. Both assets are in the Northwest Territories.

Freeport-McMoRan shares closed at US$10.04, up US38¢, as 127.7 million shares changed hands. Freeport agreed to sell its onshore California oil and gas assets to private energy firm Sentinel Peak Resources California LLC for US$742 million. TNM

U.S. GREATEST PERCENTAGE CHANGE

Mechel* IAMGOLD* United States S* Alamos Gold* DRDGOLD* Vale* Endeavr Silver* Hecla Mining* Vale* Pretium Res* CONSOL Energy* NACCO Ind* Chevron* Cameco Corp* Yanzhou Coal* Black Hills* Alcoa* Dominion Diam* Agrium* Osisko Gold*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

MTL 3136 3.96 2.90 3.82 + 34.5 IAG 41587 4.14 3.31 4.10 + 21.7 X 124139 20.42 16.50 19.78 + 20.5 AGI 10928 8.73 7.45 8.70 + 16.5 DRD 1723 5.30 4.50 5.16 + 14.7 VALE.P 45494 5.91 5.15 5.90 + 14.6 EXK 9191 4.79 4.07 4.58 + 13.6 HL 38147 6.19 5.26 5.91 + 12.8 VALE 123446 6.36 5.60 6.26 + 12.2 PVG 5801 10.09 8.95 9.93 + 11.1 CNX 19975 18.92 17.26 17.41 - 6.9 NC 57 72.49 69.89 71.40 + 0.2 CVX 25428 103.70 100.62 101.30 + 0.2 CCJ 8746 8.15 7.84 8.04 + 0.2 YZC 103 7.76 7.55 7.66 + 1.1 BKH 1284 59.89 58.22 59.22 + 1.2 AA 45875 27.43 25.63 26.88 + 1.7 DDC 1002 9.24 8.80 8.92 + 1.7 AGU 1609 91.57 87.89 91.03 + 1.7 OR 368 10.78 10.08 10.26 + 2.5

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Agnico Eagle* AEM United States S* X Franco-Nevada* FNV Newmont Mng* NEM Teck Res* TCK Agrium* AGU Silver Wheaton* SLW Southern Copp* SCCO Barrick Gold* ABX CONSOL Energy* CNX Cameco Corp* CCJ Yanzhou Coal* YZC Turquoise HIl* TRQ Intrepid Pots* IPI Primero Mng* PPP NACCO Ind* NC Dominion Diam* DDC Yamana Gold* AUY Chevron* CVX

VOLUME WEEK (000s) CLOSE CHANGE

3151 179.73 9451 49.05 124139 19.78 3254 66.00 28183 36.35 52838 20.50 1609 91.03 20518 24.33 4600 27.40 75013 16.92 19975 17.41 8746 8.04 103 7.66 9452 3.10 3267 1.09 3711 1.61 57 71.40 1002 8.92 96931 3.82 25428 101.30

+ 6.35 + 3.39 + 3.36 + 2.67 + 2.12 + 1.73 + 1.54 + 1.47 + 1.39 + 1.23 - 1.29 + 0.02 + 0.08 + 0.10 + 0.11 + 0.13 + 0.13 + 0.15 + 0.17 + 0.22

2016-10-25 6:59 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / OCTOBER 31–NOVEMBER 6, 2016

7

M E TA L S , M I N I N G A N D M O N EY M A R K E T S PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, October 25, 2016 Precious Metals Price (US$/oz.)

Change 1269.30 +7.65 Gold Silver $17.73 +0.08 Platinum $936.00 -2.00 Palladium $626.00 -21.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10275.00 +175.00 $4742.50 +105.50 $2068.00 +46.50 $2363.00 +51.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, October 24, 2016 (change from October 17, 2016 in brackets): Aluminium Alloy 13680 (0) 2182275 (+99025) Aluminium Copper 339950 (-5850) 188750 (-875) Lead Nickel 363288 (+810) 2960 (-290) Tin 454100 (-1550) Zinc

TSX WARRANTS

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$45.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.00 Coal: CME Group Central Appalachian Futures Nov. 2016: US$40.00 Dec. 2016: US$40.00 Cobalt: US$13.04/lb.

Copper: US$2.10/lb.

Copper: CME Group Futures Nov. 2016: US$2.13/lb.; Dec. 2016: US$2.14/lb Ferro-Chrome: US$1.85/kg Ferro Titanium: US$3.87/kg FerroTungsten: US$24.04/kg Ferrovanadium: US$16.01/kg Iridium: NY Dealer Mid-mkt US$650.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$58.70/tonne Iron Ore Fines: US$52.54/tonne Iron Ore Pellets: US$72.61/tonne Lead: US$0.91/lb.

Magnesium: US$2.04/kg Manganese: US$1.68/kg Molybdenum Oxide: US$6.92/lb.

Phosphate Rock: US$111.00/tonne Potash: US$220.00/tonne Rhodium: Mid-mkt US$715.00/tr. oz.

Ruthenium: Mid-mkt US$40.00/tr. oz.

Silver: Handy & Harman Base: US$17.58 per oz.; Handy & Harman Fabricated: US$21.98 per oz.

Tantalite Ore : US$128.61/kg Tin: US$9.18/lb.

Uranium: U3O8, Trade Tech spot price: US$22.25; The UX Consulting Company spot price: US$21.25/lb.

Zinc: US$1.04/lb.

Prices current Oct. 25, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22

Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Oct 03, 2016 (with changes from Sep 16, 2016) Largest short positions LUN 40929234 -314436 9/16/2016 Lundin Mng Potash Corp SK POT 35013368 493781 9/16/2016 Kinross Gold K 33402034 13323870 9/16/2016 B2Gold BTO 24107822 5566933 9/16/2016 NGD 23084145 -978288 9/16/2016 New Gold Eldorado Gold ELD 19229386 -11859 9/16/2016 Teranga Gold TGZ 17918227 1140308 9/16/2016 Centerra Gold CG 14442025 342989 9/16/2016 SU 12914818 -701299 9/16/2016 Suncor Energy Sandstorm Gold SSL 11776692 6012349 9/16/2016 TCK.B 11498865 1999381 9/16/2016 Teck Res Thompson Creek TCM 10611962 42100 9/16/2016 First Quantum FM 10394844 -1014978 9/16/2016 Goldcorp G 8715940 179234 9/16/2016 AR 8659072 -509102 9/16/2016 Argonaut Gold Largest increase in short position Kinross Gold K 33402034 13323870 9/16/2016 Sandstorm Gold SSL 11776692 6012349 9/16/2016 BTO 24107822 5566933 9/16/2016 B2Gold OceanaGold OGC 6503459 2105028 9/16/2016 TCK.B 11498865 1999381 9/16/2016 Teck Res Largest decrease in short position Turquoise HIl TRQ 4861878 -1882795 9/16/2016 HudBay Mnls HBM 5665690 -1809395 9/16/2016 FR 2791328 -1529397 9/16/2016 First Majestic IAMGOLD IMG 7555123 -1198156 9/16/2016 First Quantum FM 10394844 -1014978 9/16/2016

Short positions outstanding as of Oct 03, 2016 (with changes from Sep 16, 2016) Largest short positions FMS 2619169 1594769 9/16/2016 Focus Graphite First Mg Fin FF 1875600 -71662 9/16/2016 Integra Gold ICG 1671632 -6704 9/16/2016 Rye Patch Gold RPM 1358773 294489 9/16/2016 BRI 1206100 -74498 9/16/2016 Brazil Res Westkam Gold WKG 903400 426400 9/16/2016 Monument Mng MMY 592800 566600 9/16/2016 Roxgold ROG 446747 -44474 9/16/2016 GSV 434142 -49395 9/16/2016 Gold Std Vents IMPACT Silver IPT 322294 23194 9/16/2016 LLG 241400 58900 9/16/2016 Mason Graphite K92 Mng Inc KNT 235500 -863400 9/16/2016 Gold Reserve GRZ 224600 204900 9/16/2016 MX Gold MXL 205400 103400 9/16/2016 Bear Creek Mng BCM 195290 35290 9/16/2016 Largest increase in short position Focus Graphite FMS 2619169 1594769 9/16/2016 Monument Mng MMY 592800 566600 9/16/2016 Westkam Gold WKG 903400 426400 9/16/2016 Rye Patch Gold RPM 1358773 294489 9/16/2016 GRZ 224600 204900 9/16/2016 Gold Reserve Largest decrease in short position K92 Mng Inc KNT 235500 -863400 9/16/2016 Castle Mtn Mng NCA 20600 -484900 9/16/2016 TGX 0 -308000 9/16/2016 True North Gem Golden Dawn Ml GOM 1300 -168900 9/16/2016 FUU 5000 -136000 9/16/2016 Fission 3.0

DAILY METAL PRICES Daily Metal Prices Date Oct 24 Oct 21 Oct 20 Oct 19 Oct 18 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1535/1550 1535/1550 1535/1550 1545/1560 1565/1580 Aluminum 1626/1632.50 1616/1620.50 1612/1617.50 1621/1627 1663/1671 Copper 4620/4640 4636/4655 4633/4653 4642/4663.50 4665/4684.50 Lead 2009/2017 2008/2024.50 2004/2012 1963/1979 1994.50/2008 Nickel 10015/10060 9985/10025 1160/10215 10270/10300 10330/10380 Tin 20240/20000 20100/19850 20020/19850 19995/19875 19850/19750 2290/2303 2248.50/2262 2280.50/2292 2268/2280 2295/2308 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1267.00 1263.95 1269.20 1269.75 1261.65 Gold PM 1265.55 1266.05 1271.65 1269.05 1258.20 Silver 17.64 17.51 17.60 17.69 17.65 Platinum 947.00 927.00 935.00 942.00 940.00 Palladium 628.00 619.00 634.00 638.00 639.00

EXCHANGE RATES Date US$ in C$ C$ in US$

52-week

Index Oct 21 Oct 20 Oct 19 Oct 18 Oct 17 High Low S&P/TSX Composite 14939.04 14847.92 14840.49 14752.25 14596.52 15527.30 12400.15 S&P/TSXV Composite 790.57 785.98 789.40 783.64 772.28 1050.26 883.52 S&P/TSX 60 872.69 867.12 866.77 861.79 852.52 896.74 709.99 S&P/TSX Global Gold 224.07 223.45 221.70 216.39 209.14 218.90 149.29

NEW 52-WEEK HIGHS AND LOWS OCTOBER 17–21, 2016 97 New Highs Advantage Lith* Alberta Star* Alderon Iron* Alliance Res* Almadex Min Altai Res Anglo American* Arbitrage Expl* Argentina Lith Argentina Lith* Argo Gold Arrowhead Gold* Astar Mnls Atico Mng Atico Mng* Atlantic Gold Azarga Mtls Bearing Res Bravura Vent * Caledonia Mng* Canamex Res Canyon Copper Cataca Res* China Gold Int

Cloud Peak En* Darnley Bay* Desert Gold Ecuador Gold* Elysee Dev Engold Mines EurOmax Res EurOmax Res* Filo Mg Corp Finore Mng* First Idaho Fortescue Mtls* Fortune Bay Fortune Bay* Glencore Plc* Global Gold* Global Hunter* Golden Star* Hawkeye Gld&Di Hawkeye Gld&Di* Inca One Gold Inca One Gold* Irving Res Irving Res* Kincora Copper*

Laurion Mnl Ex Leeta Gold Maudore Mnrls* McLaren Res MDN Inc* Mechel* Metalore Res NACCO Ind* Nevada Clean M Next Gen Mtls* Nickel North Nitinat Mnls NSGold Nubian Res Orca Gold Orca Gold* Peloton Mnrls Peloton Mnrls* Rainforest Res* Red Eagle Mng Regency Gold Revolver Res* Rio Silver Rise Res Inc Select Sands

Sky Ridge* Star Gold* Stornoway Diam Stratabd Mnr Strikepoint Gd Strikepoint Gd* Tanqueray Expl Teck Res Teck Res* Timberline Res Timberline Res* Trinity Res* Vale* ValGold Res* Vedanta* Vendetta Mng Walker River Walter Energy* Whitehaven Coa* Wildcat Expl Wildcat Expl* Winston Gld Mg Winston Gld Mg*

25 New Lows

Bravura Vent * Canadian Zeol* Carpathian Gld Cdn Intl Mnrls* Centenera Mng* Cleghorn Mnls Comstock Mng* Energy Fuels Energy Fuels* EurOmax Res* GoGold Res Gold Mng USA* GoviEx Uranium Intigold Mines* Ireland* Kesselrun Res* MDN Inc Metalore Res Paladin Energy Rare Element* Signature Res* SinoCoking Cl* X-Terra Res* XLI Tech Inc*

ALQ Gold

CANADIAN GOLD MUTUAL FUNDS Fund Oct 21 ($) AGF Prec Mtls Fd MF 27.77 BMO Prec Mtls Fd A 21.67 11.51 BMO ZGD BMO ZJG 9.61 CIBC Prec Metal Fd A 12.47 Dyn Prec Metls Fd A 8.38 Horizons HEP IGMacGloPrecMetCl A 10.14 iShares XGD 13.99 Mac Prec Met Cl A 57.46 NB Prec Met Fd Inv 14.72 RBC GblPreMetFd A 37.68 Redw UITGoDe&ProCl A Sentry Pre Met Fd A 48.16 Sprott Gold&PrMinFdA 43.42 Sprott SilverEquCl A 7.81 TD PreciousMetalsInv 43.01

Oct 14 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 25.75 2.02 7.84 87.35 2.78 208.47 20.25 1.42 7.03 86.16 2.40 81.17 10.50 1.01 9.61 85.37 0.63 8.72 0.89 10.18 100.69 0.60 11.53 0.94 8.19 58.81 2.62 64.39 7.75 0.63 8.13 112.04 2.75 496.12 27.01 1.38 4.98 77.81 0.81 9.45 0.70 7.39 102.67 2.76 106.90 12.87 1.13 8.77 83.21 0.61 729.79 53.46 4.00 7.48 106.48 2.51 146.89 13.57 1.15 8.47 89.73 2.46 44.26 34.73 2.95 8.49 96.21 2.12 477.01 10.00 44.61 3.55 7.96 102.47 2.90 278.44 39.66 3.76 9.48 93.93 3.19 294.77 7.23 0.58 8.01 143.74 3.23 106.58 39.43 3.58 9.08 84.46 2.26 179.69

Oct 21 Oct 20 Oct 19 Oct 18 Oct 17 1.3338 1.3230 1.3114 1.3109 1.3129 0.7500 0.7559 0.7626 0.7628 0.7617

Exchange rates (Quote Media, October 21, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6890 77.8300 13.9343 10.4835 0.9856 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6131 5.0700 50.1860 0.7454 852.2727 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3147 0.9187 103.8315 18.5782 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8176 6.7624 66.9255 0.9935 1136.2200

Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

LEGEND A – Australian Stock Exchange C – CNSX Canadian National Stock Exchange J – Johannesburg Stock Exchange L – London Stock Exchange M – Mexico Stock Exchange N – New York Stock Exchange O – U.S. over-the-counter Q – NASDAQ or U.S. OTC T – Toronto Stock Exchange V – TSX Venture Exchange X – NYSE Alternext U.S. * – Denotes price in U.S.$

7_OCT31_MMMM.indd 7

STAFF INVESTMENT POLICY The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling.

CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds 1 (metric) tonne = 1.1023 (short) tons

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton

= 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

GLOBAL MINING NEWS · SINCE 1915

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2016-10-25 6:28 PM

8

WWW.NORTHERNMINER.COM

OCTOBER 31–NOVEMBER 6, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: OCTOBER 17–21, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 586 0.20 0.17 0.20 + 0.02 0.28 0.03 Abcourt Mines* O 40 0.07 0.06 0.07 - 0.00 0.10 0.02 Abcourt Mines V 426 0.08 0.08 0.08 - 0.01 0.13 0.04 Aben Res* O 67 0.08 0.06 0.08 + 0.02 0.26 0.03 Aben Res V 434 0.11 0.09 0.10 + 0.01 0.34 0.06 Aberdeen Intl* O 26 0.12 0.00 0.11 - 0.01 0.16 0.07 Aberdeen Intl T 277 0.16 0.15 0.15 + 0.01 0.24 0.10 Abitibi Royalt V 22 9.00 7.47 8.44 + 0.98 9.95 2.30 ABT Holdings* O 40 0.28 0.00 0.24 - 0.04 0.76 0.05 Acacia Mining* O 4 5.90 5.55 5.65 - 0.25 7.47 2.40 Acme Res Inc V 20 0.12 0.00 0.12 + 0.06 0.12 0.02 Adamera Mnls V 1862 0.09 0.06 0.07 - 0.02 0.15 0.01 Adamera Mnls* O 224 0.07 0.05 0.06 - 0.00 0.12 0.01 Adriana Res V 110 0.13 0.13 0.13 - 0.01 0.15 0.10 O 120 1.00 0.70 0.75 + 0.04 1.00 0.49 Advantage Lith* V 398 1.10 0.95 0.98 + 0.03 1.21 0.14 Advantage Lith African Gold V 623 0.09 0.08 0.09 + 0.01 0.12 0.03 African Queen V 641 0.05 0.04 0.05 + 0.01 0.14 0.02 0.07 + 0.01 0.12 0.01 Agave Silver* O 39 0.07 0.06 0.09 + 0.01 0.15 0.02 Agave Silver V 44 0.09 0.00 Agnico Eagle T 3621 65.60 60.00 65.33 + 5.32 78.35 33.00 Agnico Eagle* N 9451 49.70 45.73 49.05 + 3.39 60.10 24.80 T 1603 121.82 115.39 121.21 + 3.57 133.25 104.70 Agrium Agrium* N 1609 91.57 87.89 91.03 + 1.54 100.24 79.94 Aim Explor* O 2712 0.01 0.00 0.00 - 0.00 0.20 0.00 O 192 0.11 0.10 0.10 - 0.01 0.17 0.08 Alabama Graph* Alabama Graph V 1603 0.15 0.13 0.14 - 0.01 0.23 0.11 Alacer Gold T 4242 3.13 2.86 3.02 + 0.14 3.79 2.08 Alamos Gold T 5367 11.63 9.80 11.60 + 1.80 13.65 3.27 8.73 7.45 8.70 + 1.23 10.41 2.27 Alamos Gold* N 10928 Alba Minerals V 69 0.14 0.12 0.14 + 0.02 0.15 0.01 Alberta Star* O 27 0.29 0.26 0.28 + 0.02 0.29 0.12 0.08 - 0.01 0.12 0.02 Alchemist Mng 381 0.09 0.07 Alcoa* N 45875 27.43 25.63 26.88 + 0.44 34.50 18.42 Alderon Iron* O 240 0.15 0.08 0.15 + 0.07 0.14 0.05 0.19 + 0.08 0.19 0.07 Alderon Iron T 1231 0.19 0.11 Aldever Res* O 15 0.10 0.06 0.10 + 0.03 0.07 0.07 Aldever Res V 287 0.14 0.00 0.13 + 0.03 0.69 0.09 Aldridge Mnrls V 345 0.28 0.25 0.28 + 0.02 0.34 0.12 V 6444 0.07 0.05 0.06 - 0.01 0.12 0.02 Alexandria Min Alexandria Min* O 217 0.05 0.04 0.05 - 0.01 0.10 0.01 Alexco Res* X 1950 1.91 1.52 1.82 + 0.25 2.54 0.22 2.41 + 0.36 3.31 0.35 Alexco Res T 785 2.53 2.00 Algold Res V 3453 0.37 0.34 0.36 - 0.01 0.44 0.07 Alianza Min* O 38 0.09 0.08 0.08 - 0.01 0.17 0.07 0.12 - 0.01 0.21 0.10 Alianza Min V 153 0.12 0.11 Alix Res V 2780 0.08 0.07 0.07 - 0.01 0.18 0.04 0.03 + 0.01 0.04 0.01 Alliance Mng V 5441 0.03 0.02 Alliance Res* D 1412 23.95 22.84 23.45 + 0.63 23.95 9.95 1.65 - 0.04 2.44 0.67 Almaden Mnls T 141 1.69 1.58 Almaden Mnls* X 789 1.29 1.20 1.25 + 0.03 1.88 0.50 Almadex Min V 396 1.19 0.96 1.07 + 0.05 1.18 0.14 0.86 + 0.08 0.91 0.09 Almadex Min* O 526 0.90 0.72 Almo Capital V 694 0.16 0.12 0.14 + 0.02 0.18 0.05 0.27 + 0.01 0.33 0.16 Alphamin Res V 342 0.27 0.23 0.12 + 0.03 0.84 0.02 Alset Energy V 6019 0.14 0.08 Alta Vista Vnt 411 0.05 0.04 0.04 - 0.02 0.25 0.03 Altai Res V 16501 0.16 0.05 0.08 + 0.04 0.16 0.03 Altan Nev Mnls V 313 0.02 0.01 0.02 + 0.01 0.05 0.01 0.09 + 0.01 0.22 0.04 Altiplano Mnls V 37 0.09 0.08 Altitude Res V 97 0.15 0.11 0.15 + 0.04 0.21 0.02 11.04 + 0.15 13.21 7.39 Altius Mnrls T 147 11.12 10.84 68 0.13 0.10 0.13 + 0.02 0.30 0.06 Altura Mng Ltd* O Alturas Mnrls V 258 0.04 0.02 0.04 + 0.01 0.08 0.01 Alumina Inc* O 58 4.70 4.50 4.58 + 0.01 4.73 2.70 0.07 - 0.00 0.10 0.03 ALX Uranium* O 132 0.07 0.07 Am Creek Res V 361 0.08 0.07 0.07 - 0.01 0.12 0.03 Am CuMo Mng V 554 0.09 0.08 0.09 - 0.01 0.16 0.06 95 0.07 0.06 0.06 - 0.01 0.12 0.04 Am CuMo Mng* O O 294 0.14 0.11 0.12 + 0.01 0.20 0.01 Am Manganese* Am Manganese V 7234 0.20 0.14 0.15 + 0.02 0.26 0.01 Amarc Res* O 8 0.07 0.07 0.07 + 0.00 0.10 0.02 0.08 - 0.01 0.13 0.04 Amarc Res V 131 0.11 0.08 Amarillo Gold V 197 0.39 0.29 0.34 - 0.06 0.68 0.04 Amazing OG* O 103 0.60 0.30 0.31 - 0.18 1.06 0.30 O 61 0.02 0.01 0.02 + 0.00 0.07 0.00 Amer Vanadium* Amer Vanadium V 88 0.02 0.02 0.02 - 0.01 0.09 0.02 American Lith V 1567 0.48 0.40 0.42 - 0.05 1.62 0.05 American Lith* O 267 0.37 0.31 0.32 - 0.04 1.24 0.10 0.32 - 0.01 0.48 0.09 Americas Silvr T 3402 0.34 0.31 Americas Silvr* O 914 0.26 0.23 0.25 - 0.00 0.37 0.04 Amerigo Res* O 325 0.12 0.11 0.11 + 0.00 0.23 0.07 0.04 - 0.01 0.08 0.02 Amex Expl V 335 0.05 0.00 AMI Res V 122 0.06 0.00 0.06 - 0.01 0.10 0.03 Anaconda Mng T 437 0.08 0.07 0.07 - 0.01 0.11 0.04 O 48 0.06 0.05 0.06 + 0.01 0.09 0.03 Anaconda Mng* Anconia Res V 199 0.06 0.04 0.04 - 0.02 0.09 0.01 Andes Gold* O 18 0.01 0.00 0.00 - 0.00 1.00 0.00 Anfield Nickel V 413 1.35 1.30 1.32 + 0.02 1.94 0.52 0.10 - 0.03 0.22 0.06 Anfield Res* O 40 0.13 0.10 Anfield Res V 1437 0.17 0.13 0.15 - 0.02 0.31 0.05 Angel Gold* O 33 0.07 0.06 0.07 + 0.01 0.11 0.01 Angel Gold V 132 0.09 0.07 0.09 + 0.01 0.15 0.01 Angkor Gold V 622 0.46 0.40 0.44 + 0.01 0.50 0.39 Anglo American* O 2 13.49 0.00 13.49 + 1.25 13.06 3.13 Anglo American* O 1187 6.82 6.24 6.80 + 0.55 6.60 1.57 Anglo-Bomarc V 5 0.09 0.09 0.09 + 0.02 0.30 0.07 AngloGold Ash* N 19132 14.46 13.14 13.88 + 0.50 22.91 6.20 V 276 0.09 0.08 0.08 - 0.01 0.11 0.06 Antioquia Gold Antipodes Gold V 30 0.03 0.02 0.02 - 0.01 0.04 0.01 APAC Res Inc 174 0.10 0.08 0.08 - 0.03 0.14 0.03 Apogee Opport V 188 0.22 0.20 0.21 + 0.01 0.44 0.11 Appia Energy 50 0.15 0.15 0.15 - 0.01 0.30 0.01 Apple Cap Inc V 42 0.39 0.32 0.34 - 0.03 0.54 0.15 Applied Mrnls* O 178 0.15 0.12 0.14 - 0.01 0.43 0.11 AQM Copper V 98 0.13 0.12 0.12 - 0.01 0.17 0.03 Aquila Res* O 348 0.23 0.20 0.21 + 0.01 0.25 0.09 Aquila Res T 494 0.29 0.26 0.28 + 0.01 0.32 0.13 Arcturus Vents V 534 0.03 0.02 0.03 + 0.01 0.03 0.01 Arena Mnls* O 42 0.13 0.12 0.12 - 0.00 0.25 0.12 Argentina Lith* O 33 0.63 0.48 0.48 + 0.06 0.63 0.03 Argentina Lith V 179 0.83 0.54 0.70 + 0.12 0.83 0.04 Argentum Silvr V 50 0.29 0.29 0.29 + 0.03 0.35 0.02 Argex Titanium* O 21 0.06 0.05 0.05 - 0.01 0.09 0.01 Argo Gold 237 0.09 0.00 0.07 - 0.01 0.09 0.06 Argonaut Gold T 3699 3.14 2.66 3.07 + 0.28 4.45 0.78 Argonaut Gold* O 88 2.34 2.05 2.30 + 0.16 3.38 0.53 Argus Metals V 67 0.09 0.07 0.09 + 0.02 0.15 0.02 Arian Silver* O 42 0.01 0.01 0.01 - 0.00 0.19 0.00 Arianne Phosph V 56 0.87 0.85 0.85 - 0.01 1.25 0.68 Arianne Phosph* O 21 0.66 0.64 0.64 - 0.01 0.98 0.52 Arrowhead Gold* O 1 0.44 0.44 0.44 + 0.00 0.44 0.44 Arrowstar Res V 117 0.10 0.08 0.08 - 0.03 0.17 0.04 Asanko Gold T 4678 5.41 4.78 5.33 + 0.54 6.09 1.77 4.01 + 0.38 4.68 1.27 Asanko Gold* X 1909 4.10 3.63 Asante Gold* O 24 0.15 0.11 0.11 - 0.06 0.19 0.05 Ashburton Vent V 7713 0.03 0.02 0.02 - 0.01 0.07 0.01 AsiaBaseMetals V 8 0.31 0.26 0.26 - 0.06 0.40 0.04 Asian Minl Res V 31 0.04 0.03 0.04 + 0.01 0.04 0.02 Astar Mnls V 50 0.16 0.15 0.16 + 0.01 0.16 0.09 Astorius Res V 383 0.33 0.29 0.31 - 0.04 0.41 0.01 Atacama Pac Gd* O 12 0.34 0.29 0.32 - 0.06 0.79 0.09 Atacama Pac Gd V 61 0.45 0.00 0.44 + 0.02 1.02 0.14 Athabasca Mnls V 237 0.22 0.16 0.21 + 0.03 0.32 0.15 Athabasca Mnls* O 18 0.15 0.15 0.15 + 0.03 0.23 0.11 Athabasca Nclr V 213 0.08 0.07 0.07 + 0.01 0.17 0.02 Atico Mng V 741 0.74 0.54 0.67 + 0.14 0.74 0.16 Atico Mng* O 349 0.57 0.41 0.51 + 0.08 0.57 0.12 Atlanta Gold* O 15 0.06 0.04 0.06 + 0.02 0.09 0.03 Atlanta Gold V 24 0.08 0.00 0.08 + 0.01 0.11 0.05 Atlantic Gold V 999 1.06 0.89 1.02 + 0.11 1.06 0.23 Atlatsa Res* O 25 0.07 0.07 0.07 - 0.01 0.10 0.02 Aton Res Inc V 369 0.10 0.07 0.08 + 0.01 0.16 0.04 Augustine Vent 179 0.11 0.09 0.10 + 0.01 0.17 0.03 Augyva Mng V 672 0.14 0.12 0.12 - 0.02 0.16 0.08 Aura Mnls T 191 0.20 0.18 0.19 + 0.01 0.31 0.07 Aura Silver Rs V 973 0.05 0.04 0.04 - 0.01 0.08 0.01 Aurania Res V 73 0.70 0.65 0.65 - 0.05 0.70 0.32 Aurcana Corp* O 122 0.41 0.33 0.40 + 0.05 0.63 0.07 Aurcana Corp V 361 0.55 0.43 0.53 + 0.07 0.80 0.09 AurCrest Gold V 315 0.03 0.03 0.03 + 0.01 0.05 0.01 Aureus Mng* O 43 0.03 0.00 0.02 - 0.00 0.31 0.03 AuRico Metals * O 257 0.87 0.78 0.83 + 0.04 0.91 0.37 AuRico Metals T 1136 1.14 1.03 1.11 + 0.08 1.22 0.55 Aurion Res V 138 0.45 0.38 0.41 + 0.01 0.49 0.05 Aurvista Gold V 1258 0.18 0.16 0.17 - 0.02 0.39 0.03 Aurvista Gold* O 85 0.14 0.13 0.13 - 0.01 0.29 0.02 Auryn Res* O 258 2.20 2.02 2.11 - 0.04 3.18 0.70 Avalon Adv Mat T 1472 0.18 0.14 0.18 + 0.02 0.33 0.10 Avalon Adv Mat* O 248 0.13 0.10 0.13 + 0.01 0.26 0.07

8-10_OCT31_StockTables.indd 8

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Avino Silver* X 1338 Avino Silver V 139 Avnel Gold * O 507 Avnel Gold T 1172 Avrupa Mnls V 315 Avrupa Mnls* O 49 AXE Expl V 8564 AZ Mining T 12493 Azarga Mtls V 263 Azarga Mtls* O 20 Azarga Uranium* O 37 Azarga Uranium T 62 Azincourt Uran* O 13 Azincourt Uran V 667 Azteca Gold* O 176

2.14 1.80 1.99 + 0.18 3.14 0.71 2.80 2.36 2.64 + 0.28 4.05 1.03 0.20 0.18 0.20 + 0.02 0.30 0.13 0.26 0.24 0.26 + 0.01 0.39 0.18 0.17 0.15 0.16 + 0.01 0.25 0.08 0.13 0.12 0.12 + 0.00 0.19 0.05 0.04 0.03 0.03 + 0.01 0.04 0.01 2.95 2.59 2.60 - 0.26 2.99 0.26 0.60 0.31 0.50 + 0.16 0.60 0.05 0.40 0.00 0.40 + 0.16 1.00 0.03 0.18 0.15 0.15 - 0.02 0.29 0.15 0.23 0.20 0.21 - 0.03 0.40 0.20 0.04 0.04 0.04 + 0.00 0.07 0.02 0.06 0.00 0.05 - 0.01 0.08 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00

B2Gold* X 16688 T 24080 B2Gold Bacanora Mnls V 177 Baja Mng* O 75 Balmoral Res T 680 Balmoral Res* O 235 Bandera Gold V 542 Bannerman Res* O 206 Banro* X 3578 Banro T 1411 Banyan Gold V 65 Bard Vent V 162 Barker Mnrls V 162 Barkerville Go* O 133 Barkerville Go V 1052 Barksdale Cap V 41 Baroyeca Go&Si V 264 Barrick Gold T 16358 Barrick Gold* N 75013 Barsele Min V 362 Barsele Min* O 200 Batero Gold V 120 Battle Mtn Gld V 424 Battle Mtn Gld* O 148 O 74 Bayhorse Silvr* Bayhorse Silvr V 517 BCGold V 542 BCM Res V 86 Bear Creek Mng V 626 Bearing Res V 86 Beaufield Res V 369 Beaufield Res* O 315 Bell Copper* O 4 Bellhaven Cp&G V 57 Belo Sun Mng T 4256 Benton Res V 489 Berkwood Res V 364 Big Bar Res V 396 Big North Grap* O 4 Bitterroot Res* O 110 Bitterroot Res V 129 Black Hills* N 1284 Black Sea Cop V 106 Black Sea Cop* O 21 Blue Rvr Res V 2505 Blue Sky Uran* O 0 Bluestone Res V 46 Bold Vent V 308 BonTerra Res V 875 BonTerra Res* O 95 Borneo Res Inv* O 3930 Bowmore Expl V 364 Bravada Gold* O 22 Bravada Gold V 114 Braveheart Res* O 3 Braveheart Res V 9 Bravo Multinat* O 23996 Bravura Vent 1201 266 Bravura Vent * O Brazil Mnrls* O 508433 Brazil Res V 1883 Brilliant Sand* O 30 Britannia Mng* O 40 Brixton Mtls* O 127 Brixton Mtls V 514 Brookmount Exp* O 313 Buenaventura* N 5764 Bullfrog Gold* O 663 Burey Gold* O 145 BWR Explor V 1102

2.81 2.49 2.78 + 0.31 3.65 0.60 3.73 3.28 3.69 + 0.44 4.74 0.86 1.45 1.28 1.38 + 0.04 1.95 1.17 0.00 0.00 0.00 - 0.04 0.40 0.02 0.95 0.90 0.91 - 0.01 1.28 0.33 0.74 0.68 0.69 - 0.01 0.99 0.23 0.01 0.01 0.01 + 0.01 0.02 0.01 0.02 0.02 0.02 - 0.00 0.04 0.01 0.28 0.25 0.28 + 0.01 0.48 0.15 0.38 0.34 0.38 + 0.03 0.62 0.21 0.07 0.00 0.07 + 0.01 0.13 0.02 0.03 0.03 0.03 - 0.01 0.04 0.01 0.02 0.01 0.01 - 0.01 0.03 0.01 0.50 0.41 0.46 + 0.02 0.60 0.15 0.66 0.53 0.59 + 0.03 0.76 0.21 0.46 0.00 0.40 - 0.11 0.60 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 22.87 20.65 22.56 + 1.96 30.45 9.18 17.43 15.70 16.92 + 1.23 23.47 6.90 1.35 1.04 1.22 - 0.13 1.43 0.08 1.04 0.83 0.92 - 0.11 1.10 0.05 0.14 0.12 0.13 - 0.01 0.23 0.05 0.75 0.60 0.73 + 0.06 0.95 0.09 0.56 0.46 0.54 + 0.03 0.73 0.06 0.19 0.17 0.19 + 0.01 0.22 0.03 0.25 0.21 0.23 - 0.01 0.29 0.05 0.06 0.05 0.05 - 0.01 0.13 0.03 0.11 0.09 0.11 + 0.01 0.32 0.04 2.79 2.58 2.79 + 0.14 3.77 0.50 0.28 0.21 0.27 + 0.05 0.27 0.13 0.10 0.09 0.09 - 0.01 0.16 0.03 0.06 0.06 0.06 + 0.00 0.12 0.03 0.03 0.00 0.03 + 0.00 0.06 0.00 0.53 0.45 0.53 + 0.03 0.78 0.03 1.07 0.87 1.05 + 0.09 1.10 0.21 0.09 0.07 0.08 + 0.01 0.10 0.03 0.16 0.11 0.12 - 0.04 0.25 0.01 0.47 0.36 0.42 - 0.03 0.69 0.29 0.16 0.13 0.13 - 0.02 0.16 0.01 0.04 0.03 0.03 - 0.01 0.06 0.02 0.06 0.00 0.06 + 0.01 0.08 0.03 59.89 58.22 59.22 + 0.70 64.58 40.00 0.40 0.34 0.34 - 0.02 0.54 0.34 0.29 0.26 0.26 + 0.01 0.46 0.25 0.08 0.07 0.07 + 0.01 0.08 0.03 0.44 0.00 0.44 + 0.04 0.47 0.02 0.13 0.00 0.12 - 0.01 0.23 0.05 0.04 0.04 0.04 + 0.01 0.06 0.02 0.34 0.28 0.29 - 0.02 0.51 0.17 0.25 0.21 0.21 - 0.02 0.37 0.12 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.08 0.09 + 0.01 0.16 0.04 0.16 0.15 0.16 + 0.00 0.31 0.02 0.23 0.19 0.23 + 0.03 0.40 0.03 0.04 0.01 0.04 + 0.02 0.06 0.01 0.06 0.05 0.06 + 0.01 0.08 0.02 0.03 0.01 0.02 - 0.00 0.10 0.01 0.35 0.30 0.35 + 0.03 0.59 0.02 0.49 0.22 0.25 + 0.03 0.49 0.22 0.00 0.00 0.00 + 0.00 0.00 0.00 2.87 2.53 2.66 + 0.10 3.35 0.38 0.05 0.00 0.04 - 0.00 0.14 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.43 0.38 0.38 - 0.05 0.92 0.03 0.60 0.49 0.50 - 0.05 1.20 0.05 0.02 0.01 0.01 - 0.00 0.02 0.00 14.21 12.47 13.62 + 1.19 16.45 3.30 0.17 0.12 0.14 - 0.02 0.19 0.01 0.06 0.05 0.06 + 0.01 0.10 0.03 0.07 0.05 0.06 - 0.02 0.09 0.01

B

C Cadan Res V 124 0.06 0.05 0.05 - 0.01 0.09 0.03 T 262 2.40 2.26 2.37 + 0.07 2.42 0.66 Caledonia Mng Caledonia Mng* Q 152 1.84 1.75 1.79 + 0.05 1.84 0.48 Calibre Mng V 1300 0.16 0.14 0.15 - 0.02 0.27 0.06 0.38 - 0.01 0.56 0.37 California Gl* O 16 0.41 0.37 California Gld V 83 0.52 0.47 0.50 - 0.02 0.80 0.30 Callinex Mines V 4634 0.60 0.34 0.51 + 0.15 0.69 0.23 Callinex Mines* O 1038 0.45 0.27 0.37 + 0.10 0.54 0.17 Cameco Corp* N 8746 8.15 7.84 8.04 + 0.02 14.52 7.45 Cameco Corp T 3789 10.78 10.30 10.70 + 0.15 19.11 9.88 Cameo Res* O 125 0.03 0.03 0.03 - 0.00 0.08 0.02 Camino Mnls V 14 0.23 0.17 0.18 - 0.05 0.29 0.07 Camrova Res V 2 0.23 0.00 0.23 + 0.03 0.60 0.10 Canada Coal V 126 0.04 0.04 0.04 - 0.01 0.06 0.01 Canadian Zeol V 596 0.39 0.34 0.38 - 0.01 0.47 0.08 CanAlaska Uran V 344 0.53 0.46 0.50 - 0.01 1.55 0.09 O 75 0.38 0.35 0.37 + 0.01 1.20 0.06 CanAlaska Uran* Canamex Res* O 105 0.03 0.02 0.03 - 0.06 0.24 0.06 0.13 + 0.03 0.30 0.10 Canamex Res V 1675 0.14 0.03 Canarc Res T 1093 0.13 0.12 0.13 + 0.01 0.15 0.04 Canarc Res* Q 141 0.10 0.08 0.08 - 0.01 0.12 0.03 Canasil Res V 3051 0.48 0.44 0.45 - 0.02 0.73 0.04 0.37 - 0.04 0.52 0.13 Cancana Res V 130 0.41 0.35 Candelaria Mg V 26 0.30 0.29 0.30 + 0.02 0.40 0.06 T 232 0.10 0.09 0.10 + 0.01 0.18 0.03 Candente Coppr Candente Gold V 284 0.05 0.04 0.04 - 0.01 0.09 0.01 Canex Energy V 94 0.14 0.12 0.14 + 0.02 0.15 0.03 Canstar Res V 146 0.14 0.13 0.14 + 0.02 0.18 0.04 Canterra Mnls V 120 0.08 0.06 0.06 - 0.01 0.10 0.03 86 0.09 0.08 0.08 - 0.01 0.15 0.03 Cantex Mn Dev V Canyon Copper V 67 0.05 0.00 0.05 + 0.02 0.05 0.01 Canyon Gold* O 35 0.11 0.08 0.08 - 0.03 0.54 0.03 Cap-Ex Iron V 2965 0.18 0.15 0.16 + 0.01 0.19 0.01 Capstone Mng T 2949 0.75 0.68 0.75 + 0.05 0.97 0.27 Caracara Silvr V 504 0.02 0.01 0.01 - 0.01 0.03 0.01 Cardero Res V 34 0.20 0.16 0.20 - 0.01 0.26 0.08 Cariboo Rose V 16 0.09 0.08 0.09 + 0.01 0.12 0.03 0.04 - 0.01 0.05 0.01 Carlin Gold V 183 0.04 0.04 Carpathian Gld* O 34 0.83 0.76 0.76 - 0.11 1.06 0.76 Carpathian Gld T 1073 1.10 0.98 1.06 - 0.04 1.45 0.98 Carube Copper V 25 0.11 0.00 0.11 + 0.01 0.20 0.05 Cascadero Copp V 707 0.12 0.11 0.12 - 0.01 0.17 0.03 Cassidy Vents* O 685 0.01 0.00 0.00 - 0.00 0.13 0.00 Castle Mtn Mng V 1323 1.10 1.00 1.04 + 0.02 1.30 0.21 Cataca Res* O 3095 1.46 1.16 1.37 - 0.02 1.46 0.20 Cava Res V 35 0.59 0.50 0.50 - 0.05 0.78 0.04 Cda Carbon* O 34 0.22 0.20 0.21 - 0.00 0.28 0.18 Cda Carbon V 271 0.28 0.27 0.28 + 0.01 0.42 0.23 Cda Rare Earth* O 51 0.02 0.02 0.02 + 0.00 0.04 0.01 Cda Rare Earth V 41 0.03 0.00 0.03 - 0.01 0.05 0.02 185 0.12 0.00 0.11 - 0.01 0.26 0.03 Cda Strtgc Met V Cda Zinc Mtls V 505 0.36 0.31 0.35 + 0.02 0.44 0.10 Cdn Intl Mnrls* O 10 0.03 0.03 0.03 - 0.00 0.04 0.03 Cdn Metals 4489 0.14 0.09 0.14 + 0.01 0.44 0.06 Cdn Platinum V 76 0.02 0.01 0.01 - 0.01 0.03 0.01 Cdn Silvr Hunt V 190 0.05 0.04 0.05 + 0.01 0.05 0.01 Cdn Zinc T 667 0.26 0.23 0.24 - 0.01 0.41 0.06 Cdn Zinc* Q 337 0.20 0.17 0.17 - 0.02 0.32 0.04 Centamin T 65 2.54 2.29 2.53 + 0.20 3.05 1.19 Centaurus Diam* O 180 0.09 0.06 0.08 + 0.03 0.34 0.03 Centenera Mng V 243 0.41 0.35 0.40 + 0.04 0.50 0.02 Centenera Mng* O 62 0.30 0.26 0.30 + 0.01 0.37 0.03 Centerra Gold T 3822 6.80 6.12 6.77 + 0.63 8.67 5.64 Centurion Mnls V 513 0.08 0.07 0.07 - 0.01 0.18 0.04 Century Global T 41 0.25 0.19 0.25 + 0.07 0.35 0.15 Cerro Grande 100 0.02 0.02 0.02 - 0.01 0.06 0.01 Champion Iron T 782 0.24 0.23 0.24 + 0.01 0.30 0.13 Champion Iron* O 495 0.19 0.17 0.19 - 0.00 0.23 0.10 Chesapeake Gld V 182 4.90 4.40 4.69 + 0.13 6.50 1.72 Chesapeake Gld* O 32 3.64 3.34 3.51 + 0.04 5.03 1.24 Chevron* N 25428 103.70 100.62 101.30 + 0.22 107.58 75.33

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Chiboug Ind Mn V 1440 Chilean Metals* O 124 China Gold Int T 1454 1 China Mnls Mng* O China Mnls Mng V 194 CKR Carbon V 402 Claim Post Res V 768 Cleghorn Mnls V 41 Clifton Mng* O 26 Cloud Peak En* N 9582 CMC Metals V 1201 Coeur Mng* N 19663 Colibri Res V 17 Colorado Res V 1024 Colorado Res* O 159 V 2001 Colt Res Colt Res* O 361 Columbus Gold* O 152 T 268 Columbus Gold Comet Inds V 54 Commerce Res* O 43 Comstock Mng* X 1587 Condor Res V 87 Confedertn Ml* O 14 V 56 Confedertn Mls Cons Woodjam V 33 N 19975 CONSOL Energy* Constant Mtl V 984 Contintl Gold* O 99 Contintl Gold T 1619 Contintl Prec* O 9 Contintl Prec T 13 Copper Fox Mtl* O 17 Copper Lake Rs V 23 Copper Mtn Mng* O 4 Copper Mtn Mng T 609 324 Copper North M V Copper North M* O 230 Copper One * O 1 Copper One V 293 Copper Reef Mg 532 Copperbank Res* O 10 Copperbank Res 3544 Coral Gold V 61 Corazon Gold V 144 Cordoba Mnls* O 61 Corex Gold V 1173 Cornerstone Ca V 1823 O 399 Cornerstone Ca* Coro Mining T 1290 Coronet Mtls V 431 Coronet Mtls* O 53 Corsa Coal V 5953 Corvus Gold T 73 Corvus Gold* O 28 Cougar Mnls V 525 Crazy Horse Res V 24 Critical Elem V 2133 Critical Elem* O 113 Crown Mining V 35 Cruz Cap Corp* O 31 Cruz Cap Corp V 367 Crystal Pk Min* O 111 CTGX Mining* O 3 Cypress Dev* O 2 Cypress Dev V 504 Cyprium Mng V 2037

0.09 0.07 0.07 - 0.03 0.26 0.03 0.13 0.11 0.11 - 0.01 0.22 0.02 3.48 2.98 3.46 + 0.48 3.42 1.72 0.01 0.00 0.01 - 0.00 0.02 0.00 0.02 0.00 0.02 + 0.01 0.03 0.01 0.08 0.08 0.08 - 0.01 0.12 0.06 0.03 0.02 0.03 + 0.01 0.06 0.01 0.09 0.00 0.09 - 0.04 0.13 0.08 0.16 0.13 0.14 - 0.02 0.16 0.05 6.38 5.58 5.89 + 0.34 6.38 1.08 0.15 0.12 0.13 - 0.02 0.28 0.05 11.68 10.68 11.17 + 0.58 16.41 1.62 0.20 0.13 0.20 + 0.02 0.23 0.03 0.26 0.22 0.24 + 0.01 0.71 0.05 0.19 0.17 0.18 - 0.01 0.54 0.04 0.09 0.08 0.09 + 0.01 0.16 0.06 0.06 0.06 0.06 + 0.01 0.12 0.04 0.53 0.48 0.50 + 0.02 0.72 0.23 0.69 0.63 0.66 + 0.04 0.93 0.32 3.00 2.90 3.00 + 0.10 3.00 1.22 0.05 0.05 0.05 + 0.00 0.08 0.04 0.34 0.29 0.29 - 0.04 0.64 0.29 0.09 0.00 0.08 - 0.02 0.12 0.02 0.47 0.38 0.47 + 0.09 0.63 0.31 0.65 0.56 0.62 + 0.07 9.00 0.46 0.05 0.00 0.05 - 0.01 0.08 0.02 18.92 17.26 17.41 - 1.29 20.66 4.54 0.11 0.09 0.10 + 0.01 0.15 0.05 3.01 2.73 2.93 + 0.17 3.60 0.88 3.99 3.58 3.88 + 0.27 4.69 1.28 0.23 0.21 0.21 - 0.03 0.27 0.18 0.31 0.28 0.28 - 0.02 0.35 0.27 0.09 0.08 0.09 + 0.01 0.17 0.08 0.06 0.06 0.06 - 0.01 0.08 0.03 0.34 0.33 0.33 - 0.01 0.52 0.23 0.46 0.44 0.45 - 0.01 0.70 0.33 0.14 0.11 0.11 - 0.03 0.45 0.11 0.10 0.08 0.09 - 0.01 0.16 0.08 0.22 0.16 0.16 - 0.06 0.22 0.02 0.22 0.18 0.22 + 0.04 0.30 0.03 0.02 0.02 0.02 + 0.01 0.03 0.01 0.07 0.00 0.07 + 0.02 0.08 0.01 0.09 0.07 0.08 + 0.01 0.10 0.03 0.33 0.00 0.31 - 0.01 0.39 0.05 0.40 0.28 0.36 + 0.09 0.45 0.18 0.59 0.56 0.57 - 0.00 0.79 0.08 0.14 0.12 0.14 + 0.02 0.21 0.03 0.19 0.16 0.19 + 0.02 0.20 0.02 0.14 0.12 0.13 + 0.01 0.14 0.01 0.15 0.14 0.14 - 0.01 0.21 0.02 0.60 0.39 0.46 - 0.10 0.71 0.03 0.43 0.31 0.38 + 0.00 0.56 0.02 0.13 0.12 0.13 + 0.02 0.15 0.02 0.90 0.78 0.85 - 0.02 1.38 0.33 0.68 0.60 0.64 - 0.02 1.05 0.25 0.46 0.43 0.45 - 0.01 0.82 0.09 0.03 0.03 0.03 - 0.01 0.07 0.01 0.59 0.43 0.57 + 0.12 0.75 0.14 0.43 0.32 0.43 + 0.09 0.58 0.10 0.11 0.08 0.08 - 0.02 0.20 0.04 0.51 0.51 0.51 + 0.01 0.53 0.20 0.69 0.65 0.67 + 0.01 0.71 0.07 0.22 0.20 0.20 - 0.01 0.32 0.12 0.20 0.00 0.10 - 0.10 0.20 0.00 0.08 0.08 0.08 + 0.00 0.16 0.02 0.11 0.10 0.10 - 0.01 0.20 0.03 0.07 0.00 0.06 + 0.01 0.13 0.06

Dajin Res* O 333 Dakota Ter Res* O 354 Daleco Res* O 410 Dalradian Res* O 176 Dalradian Res T 967 Danakali* O 109 Darnley Bay V 2508 Darnley Bay* O 9 Debut Dmds 1440 Decade Res V 713 Decade Res* O 540 Defiance Silvr* O 176 Defiance Silvr V 684 Del Toro Silvr* O 1317 Denison Mines* X 1669 Desert Gold V 67 Desert Star V 105 Detour Gold T 4210 O 10 Diamante Min* Diamcor Mng V 80 Diamcor Mng* O 10 Dios Expl V 26 Discovery Mnls* O 230877 DNI Metals 457 Dolly Vard Sil V 349 Dolly Vard Sil* O 34 Dominion Diam* N 1002 Dominion Diam T 1015 Doubleview Cap V 427 DRDGOLD* N 1723 Duncan Park H V 163 Dundee Prec Mt T 795 Duran Vent V 64 DuSolo Fertil V 370 Dynacor Gld Mn T 196 DynaResource* O 3 Dynasty Met&Mn* O 11 O 509 Eagle Graphite* Eagle Graphite V 438 Eagle Plains V 484 East Africa V 671 East Africa * O 89 Eastern Platin* O 16 Eastmain Res T 937 eCobalt Solns* O 523 Ecuador Gold V 314 El Capitan Prc* O 4320 El Nino Vent V 951 Elcora Res V 474 Elcora Res* O 84 N 17691 Eldorado Gold* Eldorado Gold T 11110 Electra Stone V 370 Eloro Mnrls V 30 Ely Gold & Mnl V 306 Ely Gold & Mnl* O 106 Elysee Dev V 58 Emerita Res V 1114 Emgold Mng V 266 Emgold Mng* O 6 Empire Rock V 5 Encanto Potash* O 218 Encanto Potash V 1948 Endeavour Mng T 1088 Endeavour Mng* O 48 Endeavr Silver* N 9191 Endeavr Silver T 2138 Endurance Gold* O 830 Endurance Gold V 211 Energizer Res* O 216 Energizer Res T 1082 Energy Fuels T 711 Energy Fuels* X 1080 Engold Mines V 981 Ensurge* O 251 Entree Gold* X 324 Entree Gold T 1937 Equitas Res* O 192 Erdene Res Dev T 2547 Erdene Res Dev* O 76 Erin Ventures V 671 Eros Res Corp V 242 Eros Res Corp V 242 Eskay Mng V 161 Ethos Gold* O 22 Ethos Gold V 80 Eurasian Mnls V 21 Eurasian Mnls* X 128 Eureka Res V 6396 EurOmax Res T 256 EurOmax Res* O 79 Eurotin V 72

0.12 0.11 0.12 + 0.01 0.24 0.08 0.05 0.03 0.05 + 0.00 0.20 0.03 0.03 0.02 0.02 - 0.00 0.05 0.01 1.04 0.96 1.02 + 0.03 1.27 0.45 1.38 1.28 1.36 + 0.05 1.68 0.62 0.30 0.29 0.30 - 0.01 0.37 0.17 0.23 0.14 0.23 + 0.10 0.24 0.01 0.17 0.10 0.17 + 0.07 0.14 0.00 0.02 0.01 0.02 + 0.01 0.03 0.01 0.06 0.05 0.06 - 0.01 0.13 0.01 0.04 0.04 0.04 + 0.00 0.10 0.00 0.34 0.23 0.34 + 0.10 0.49 0.04 0.44 0.31 0.42 + 0.10 0.63 0.06 0.03 0.01 0.03 + 0.00 0.05 0.00 0.45 0.40 0.44 + 0.00 0.67 0.35 0.27 0.18 0.27 + 0.07 0.27 0.09 0.16 0.14 0.14 - 0.02 0.32 0.05 26.44 23.32 25.95 + 2.26 35.93 12.45 0.19 0.16 0.19 - 0.00 0.85 0.16 1.33 1.22 1.30 + 0.02 1.50 0.65 0.92 0.92 0.92 - 0.06 1.11 0.46 0.12 0.11 0.11 - 0.01 0.19 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.04 0.04 + 0.01 0.10 0.04 0.79 0.67 0.78 + 0.08 1.11 0.12 0.61 0.51 0.59 - 0.01 0.81 0.08 9.24 8.80 8.92 + 0.15 12.65 7.27 12.13 11.63 11.90 + 0.38 16.82 9.96 0.08 0.07 0.08 + 0.01 0.16 0.06 5.30 4.50 5.16 + 0.66 9.10 1.34 0.02 0.01 0.02 + 0.01 0.03 0.01 3.06 2.61 2.98 + 0.32 4.14 0.84 0.11 0.00 0.10 - 0.01 0.20 0.07 0.03 0.03 0.03 - 0.01 0.10 0.03 2.79 2.62 2.68 + 0.08 3.71 1.46 1.45 1.38 1.40 - 0.20 2.00 0.80 0.19 0.18 0.19 + 0.00 0.34 0.08 0.04 0.03 0.03 - 0.01 0.05 0.01 0.05 0.04 0.05 + 0.01 0.06 0.02 0.12 0.11 0.12 + 0.01 0.17 0.05 0.25 0.21 0.21 - 0.01 0.36 0.03 0.19 0.16 0.16 - 0.03 0.28 0.02 0.55 0.52 0.52 - 0.03 0.89 0.47 0.86 0.79 0.80 - 0.06 0.97 0.29 0.57 0.40 0.43 - 0.11 0.59 0.39 0.84 0.67 0.77 - 0.05 0.84 0.10 0.09 0.07 0.08 + 0.01 0.28 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01 0.38 0.34 0.36 + 0.02 0.75 0.18 0.28 0.26 0.28 + 0.02 0.55 0.20 3.79 3.46 3.73 + 0.24 5.16 1.87 5.00 4.56 4.98 + 0.40 6.71 2.67 0.04 0.03 0.03 - 0.01 0.12 0.03 0.48 0.41 0.45 + 0.05 0.58 0.09 0.23 0.19 0.23 + 0.02 0.27 0.05 0.18 0.14 0.17 + 0.00 0.20 0.03 0.39 0.34 0.39 + 0.04 0.38 0.18 0.07 0.05 0.06 + 0.01 0.17 0.02 0.04 0.03 0.03 + 0.01 0.05 0.01 0.02 0.02 0.02 - 0.00 0.03 0.00 0.23 0.13 0.13 - 0.10 0.27 0.04 0.06 0.05 0.05 - 0.02 0.14 0.03 0.08 0.06 0.08 + 0.01 0.18 0.05 25.32 21.14 25.16 + 3.83 27.17 5.70 19.01 16.39 18.81 + 2.44 20.85 4.40 4.79 4.07 4.58 + 0.55 5.95 1.00 6.25 5.36 6.11 + 0.80 7.75 1.46 0.04 0.03 0.03 - 0.00 0.05 0.02 0.07 0.04 0.06 + 0.01 0.07 0.02 0.06 0.05 0.05 - 0.00 0.10 0.03 0.08 0.07 0.08 + 0.01 0.13 0.05 2.06 1.78 2.01 + 0.14 4.13 1.78 1.56 1.36 1.49 + 0.08 3.02 1.36 0.09 0.07 0.08 + 0.01 0.09 0.03 0.09 0.06 0.07 - 0.00 0.09 0.01 0.25 0.22 0.23 - 0.02 0.38 0.17 0.33 0.29 0.30 - 0.03 0.47 0.25 0.05 0.04 0.04 + 0.00 0.11 0.02 0.54 0.41 0.49 + 0.06 0.55 0.12 0.41 0.32 0.39 + 0.07 0.42 0.09 0.05 0.05 0.05 + 0.01 0.11 0.04 0.19 0.00 0.18 - 0.01 0.23 0.09 0.19 0.00 0.18 - 0.01 0.23 0.09 0.28 0.22 0.23 - 0.05 0.42 0.06 0.21 0.20 0.21 + 0.05 0.32 0.05 0.27 0.23 0.24 - 0.01 0.41 0.14 1.43 1.23 1.32 + 0.07 1.84 0.48 1.00 0.93 0.95 + 0.01 1.40 0.35 0.15 0.10 0.13 + 0.03 0.17 0.04 0.67 0.55 0.65 + 0.11 0.67 0.21 0.51 0.00 0.51 + 0.09 0.51 0.15 0.07 0.05 0.07 + 0.02 1.00 0.03

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Everest Vent V 8 Everton Res* O 14 Evolving Gold 59 O 7 Evolving Gold* Evrim Res V 144 O 68 Excalibur Res* Excellon Res* O 321 Excellon Res T 683 O 67 Excelsior Mng* Excelsior Mng V 325 Exeter Res T 126 450 ExGen Res Inc V O 75 Expedition Mng* Explor Res* O 140 Explorex Res 103 Fairmont Res V 244 Falco Res V 567 Falcon Gold V 32 Far Res 1089 Fieldex Expl V 1528 87 Filo Mg Corp V Finore Mng 941 Fiore Explor V 755 Fiore Explor* O 4 Firebird Res V 49 Firesteel Res V 27 Firestone Vent V 1857 O 222 Firma Holdings* First Bauxite V 78 First Cobalt V 210 First Liberty* O 3744 First Majestic* N 24351 First Majestic T 4996 V 4248 First Mg Fin First Mg Fin * O 2810 First Quantum T 18763 550 V Fission 3.0 Fission Uran T 2288 Fission Uran* O 1004 Flinders Res* O 907 Flinders Res V 1038 O 817 Focus Graphite* V 2550 Focus Graphite Foran Mng V 179 T 1355 Formation Mtls Forrester Met V 278 Forsys Metals T 181 18 Fort St J Nick V O 21 Fortescue Mtls* T 2403 Fortuna Silvr Fortuna Silvr* N 4613 Fortune Bay* O 5 Fortune Bay V 181 O 337 Fortune Mnrls* O 603 Forum Uranium* N 3254 Franco-Nevada* Franco-Nevada T 2524 Freeport McMo* N 127676 Fresnillo plc* O 12 5 Full Metal Mnl V

0.09 0.72 - 0.07 0.95 0.79 0.00 0.00 0.04 - 0.01 0.14 0.05 0.04 0.04 0.37 + 0.07 0.50 0.39 0.31 0.02 0.28 + 0.06 0.38 0.28 0.22 0.10 0.27 + 0.01 0.43 0.29 0.25 0.00 0.07 - 0.01 0.09 0.07 0.07 0.14 1.52 + 0.16 1.85 1.58 1.37 0.20 1.97 + 0.16 2.40 2.09 1.81 0.12 0.31 + 0.01 0.33 0.31 0.29 0.19 0.40 + 0.02 0.44 0.40 0.39 0.39 1.55 + 0.03 1.94 1.58 1.47 0.01 0.01 0.01 - 0.01 0.02 0.01 0.06 0.07 - 0.01 0.22 0.07 0.06 0.04 0.07 + 0.01 0.18 0.07 0.05 0.05 0.10 - 0.03 0.19 0.13 0.10 0.02 0.05 - 0.01 0.23 0.06 0.00 0.21 1.16 - 0.04 1.39 1.22 1.16 0.03 0.10 + 0.02 0.20 0.10 0.08 0.02 0.06 - 0.01 0.15 0.07 0.06 0.01 0.03 - 0.01 0.07 0.04 0.03 2.15 1.50 2.10 + 0.60 2.10 0.64 0.01 0.19 + 0.05 0.23 0.20 0.12 0.03 0.58 - 0.02 0.76 0.62 0.56 0.02 0.45 - 0.05 0.55 0.45 0.00 0.01 0.04 + 0.01 0.05 0.04 0.03 0.01 0.05 + 0.02 0.06 0.05 0.04 0.01 0.05 - 0.01 0.08 0.06 0.05 0.02 0.07 - 0.01 0.11 0.08 0.06 0.03 0.06 + 0.03 0.08 0.06 0.03 0.25 0.30 - 0.04 0.41 0.33 0.29 0.00 0.00 + 0.00 0.00 0.00 0.00 8.71 7.79 8.24 + 0.39 19.15 2.40 10.99 + 0.66 24.96 3.50 11.49 10.26 0.84 0.77 0.79 + 0.01 1.31 0.31 0.65 0.58 0.60 - 0.00 1.02 0.22 11.70 + 1.05 12.34 2.15 11.87 10.54 0.08 0.07 0.07 + 0.01 0.12 0.06 0.53 0.56 - 0.03 0.82 0.59 0.55 0.39 0.43 - 0.02 0.63 0.45 0.41 0.09 0.34 + 0.04 0.61 0.35 0.26 0.13 0.46 + 0.07 0.77 0.47 0.35 0.04 0.06 + 0.00 0.23 0.06 0.05 0.07 0.08 + 0.01 0.30 0.08 0.07 0.05 0.19 - 0.03 0.31 0.22 0.19 0.09 0.55 - 0.16 0.78 0.74 0.53 0.04 0.09 - 0.02 0.14 0.11 0.08 0.05 0.07 + 0.01 0.20 0.07 0.06 0.15 0.15 0.15 - 0.02 0.35 0.05 1.00 3.83 + 0.14 3.96 3.96 3.82 9.24 8.27 9.04 + 0.78 12.73 2.92 2.00 0.52 9.75 6.79 + 7.04 6.29 0.36 0.63 + 0.09 0.64 0.64 0.48 0.25 0.85 + 0.15 0.90 0.90 0.65 0.01 0.11 + 0.02 0.13 0.12 0.11 0.03 0.08 + 0.01 0.14 0.08 0.07 41.47 66.00 + 2.67 81.16 66.92 63.65 88.74 83.57 87.99 + 4.72 105.69 58.67 10.29 9.50 10.04 + 0.38 14.06 3.52 20.36 + 0.36 26.65 9.00 20.55 19.31 0.07 0.00 0.05 - 0.02 0.12 0.02

G&S Minerals* O 50 G4G Capital V 306 Gabriel Res T 1147 Gainey Capital V 1497 Galane Gold V 601 O 150 Galantas Gold* 51 Galena Intl Rs V Galway Gold V 586 Galway Mtls* O 337 Galway Mtls V 356 87 Garibaldi Res * O 151 V Gem Intl Res General Moly T 14 General Moly* X 764 Genesis Mtls V 1215 Genesis Mtls* O 48 Genius Props 5380 V 399 Gensource Pot Geodex Mnrls V 32 O 21 Geologix Expl* Geologix Expl V 309 Geomega Res V 739 O 772 Geomega Res* Gespeg Cop Res V 2079 Getty Copper V 31 GFK Res V 225 GGL Res V 313 Gitennes Expl V 212 Giyani Gold V 516 Giyani Gold* O 37 O 140 Gldn Predator* Gldn Predator V 976 144 Glen Eagle Res V Glencore Plc* O 610 410 Global Cop Grp V Global Gold* O 27 O 18 Global Hunter* O 182 GlobalMin Vent* Globex Mng* O 146 Globex Mng T 492 GMCI Corp* O 1 GMV Minerals V 165 O 80 GMV Minerals* 11976 O GNCC Capital* V 21 GobiMin GoGold Res T 7310 Gold & Silver* O 5889 468 Gold Bulln Dev V O 1112 Gold Dynamics* 23931 Gold Fields* N Gold Lakes* O 2926 Gold Mng USA* O 1535 70 Gold Reach Res V Gold Reserve* O 74 Gold Reserve V 66 X 3914 Gold Resource* 27 Gold Ridge Exp V Gold Std Vents* X 2156 V 10 Goldbank Mng Goldbelt Emp V 85 Goldcliff Res V 86 Goldcliff Res* O 58 Goldcorp* N 33183 T 13750 Goldcorp Golden Arrow* O 846 Golden Arrow V 1341 151 Golden Dawn Ml* O Golden Dawn Ml V 7645 Golden Eagle* O 78 V 439 Golden Goliath O 55 Golden Goliath* Golden Harp V 52 Golden Hope V 38 Golden Hope* O 10 Golden Mnls T 75 Golden Mnls* X 2337 19 Golden Peak Mn V O 593 Golden Queen* Golden Queen T 173 Golden Reign V 1958 Golden Secret V 317 Golden Star T 1053 Golden Star* O 10 Golden Star* X 8782 Golden Tag V 180 Golden Valley V 146 Goldex Res V 28 Goldeye Expl V 620 T 448 Goldgroup Mng O 641 Goldgroup Mng* GoldON Res* O 78 GoldON Res V 53 V 1685 GoldQuest Mng Goldrea Res 54 O 1007 Goldsource Min* V 1119 Goldsource Min Goldstar Mnls V 299 V 35 Goldstream Mnl V 1281 Goldstrike Res

0.00 0.00 + 0.00 0.00 0.00 0.00 0.04 0.71 + 0.02 0.80 0.71 0.60 0.12 0.61 - 0.01 0.74 0.63 0.00 0.10 0.31 + 0.05 0.37 0.34 0.24 0.03 0.12 + 0.01 0.19 0.12 0.11 0.06 0.12 + 0.00 0.14 0.12 0.12 0.11 0.10 0.10 - 0.02 0.15 0.03 0.04 0.10 + 0.02 0.13 0.10 0.10 0.06 0.31 - 0.00 0.51 0.31 0.30 0.09 0.39 - 0.01 0.65 0.40 0.38 0.07 0.06 0.06 - 0.01 0.13 0.05 0.09 0.00 0.08 - 0.01 0.15 0.04 0.22 0.33 - 0.02 0.59 0.34 0.31 0.15 0.25 - 0.01 0.47 0.27 0.23 0.07 0.20 + 0.01 0.28 0.20 0.17 0.01 0.15 + 0.00 0.22 0.15 0.14 0.02 0.06 + 0.03 0.06 0.06 0.04 0.04 0.07 - 0.01 0.12 0.08 0.07 0.05 0.05 - 0.04 0.11 0.08 0.00 0.01 0.07 - 0.01 0.11 0.08 0.07 0.02 0.10 - 0.01 0.15 0.11 0.10 0.06 0.11 + 0.02 0.23 0.12 0.09 0.03 0.09 + 0.01 0.16 0.09 0.08 0.03 0.02 0.02 - 0.01 0.06 0.02 0.01 0.02 + 0.01 0.03 0.02 0.00 0.03 0.13 - 0.04 0.18 0.18 0.13 0.01 0.03 + 0.01 0.05 0.03 0.02 0.01 0.03 + 0.01 0.04 0.03 0.02 0.06 0.30 + 0.07 0.36 0.31 0.23 0.02 0.20 + 0.03 0.27 0.24 0.17 0.06 0.61 - 0.00 0.89 0.65 0.55 0.09 0.77 - 0.03 1.17 0.85 0.73 0.14 0.13 0.13 - 0.01 0.16 0.03 1.95 5.75 + 0.22 5.86 5.86 5.54 0.09 0.07 0.08 - 0.01 0.11 0.04 0.00 0.04 + 0.00 0.04 0.04 0.03 0.01 0.25 + 0.24 0.25 0.25 0.03 0.05 0.08 + 0.01 0.15 0.09 0.05 0.15 0.22 - 0.01 0.38 0.25 0.21 0.19 0.30 + 0.01 0.51 0.32 0.28 0.20 2.41 - 0.08 2.60 2.41 0.00 0.08 0.55 + 0.08 0.70 0.57 0.46 0.06 0.41 + 0.06 0.55 0.42 0.36 0.00 0.00 + 0.00 0.00 0.00 0.00 0.27 0.50 - 0.05 0.55 0.55 0.50 0.56 0.71 - 0.03 1.65 0.76 0.56 0.01 0.00 0.01 + 0.00 0.80 0.00 0.09 0.08 0.09 + 0.01 0.16 0.03 0.00 0.00 - 0.00 0.01 0.00 0.00 2.04 4.34 + 0.33 6.60 4.50 4.06 0.02 0.03 + 0.00 1.02 0.03 0.02 0.00 0.00 0.00 + 0.00 0.17 0.00 0.16 0.00 0.14 - 0.02 0.25 0.08 0.00 3.98 - 0.24 5.90 4.33 0.00 3.06 5.35 - 0.17 8.00 5.77 5.24 1.14 5.79 + 0.56 8.22 6.17 5.24 0.45 0.30 0.30 - 0.05 0.70 0.05 2.70 2.48 2.51 - 0.04 3.20 0.38 0.05 0.06 - 0.03 0.16 0.06 0.00 0.02 0.04 - 0.01 0.10 0.04 0.04 0.05 0.39 - 0.08 0.47 0.46 0.37 0.15 0.28 - 0.06 0.36 0.35 0.28 15.51 + 1.20 20.38 9.46 15.59 14.34 13.55 20.68 + 1.87 26.56 20.79 18.87 0.13 0.59 - 0.02 1.30 0.64 0.57 0.17 0.78 + 0.02 1.48 0.84 0.74 0.23 0.18 0.23 + 0.04 0.32 0.06 0.30 0.20 0.29 + 0.03 0.44 0.07 0.00 0.06 + 0.01 0.06 0.06 0.05 0.01 0.07 - 0.01 0.14 0.08 0.06 0.00 0.04 - 0.00 0.10 0.05 0.04 0.03 0.12 - 0.04 0.28 0.17 0.12 0.16 0.27 - 0.01 0.39 0.28 0.27 0.12 0.20 + 0.01 0.25 0.20 0.20 0.19 0.91 + 0.10 1.51 0.95 0.78 0.13 0.68 + 0.07 1.16 0.74 0.60 0.44 0.36 0.44 + 0.04 0.90 0.12 0.48 0.85 + 0.02 1.56 0.87 0.79 0.67 1.14 + 0.04 2.00 1.15 1.04 0.07 0.29 + 0.03 0.36 0.33 0.27 0.02 0.39 - 0.02 0.69 0.40 0.35 0.21 1.15 + 0.14 1.46 1.15 1.01 0.20 0.51 - 0.24 1.01 1.01 0.51 0.14 0.83 + 0.05 1.13 0.85 0.77 0.02 0.07 - 0.01 0.18 0.08 0.07 0.07 0.31 + 0.01 0.36 0.32 0.28 0.10 0.60 + 0.05 0.90 0.66 0.55 0.02 0.06 + 0.01 0.08 0.07 0.06 0.05 0.26 - 0.03 0.39 0.28 0.25 0.03 0.20 - 0.02 0.30 0.22 0.18 0.03 0.01 0.18 0.12 - 0.13 0.12 0.03 0.17 - 0.01 0.36 0.18 0.17 0.12 0.45 + 0.05 0.68 0.45 0.39 0.03 0.11 + 0.01 0.14 0.11 0.10 0.12 0.25 - 0.02 0.45 0.30 0.25 0.15 0.32 - 0.04 0.57 0.39 0.32 0.01 0.06 - 0.02 0.08 0.07 0.06 0.09 0.10 - 0.01 0.40 0.11 0.10 0.07 0.21 - 0.01 0.41 0.23 0.20

G-H

2016-10-25 6:27 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 31–NOVEMBER 6, 2016

9

S T O C K TA B L E S (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gossan Res V 522 GoviEx Uranium* O 24 GoviEx Uranium V 1992 Gowest Gold* O 422 GPM Metals* O 49 GPM Metals V 387 Gran Colombia* O 252 Gran Colombia T 2163 V 52 Grande Portage Graphite Corp* O 3496 Graphite One* O 253 Gray Rock Res V 132 Great Bear Res V 63 Great Lakes Gr* O 492 Great Panther T 1245 X 5010 Great Panther* Great Quest Fe V 90 3 Great Rock Dev* O Great Thunder V 1024 Great Western* O 327 Green Swan Cap V 78 647 Green Valley M V Greenland M&En* O 100 Grizzly Discvr V 32 Grizzly Gold* O 17 231 GTA Res & Mng V Gungnir Res* O 133 Gungnir Res V 196 Guyana Gldflds T 2884 Handa Copper V 89 Handeni Gold* O 1 Happy Ck Mnrls V 302 Hard Creek Ni V 145 Hard Creek Ni* O 3 N 14438 Harmony Gold* Harte Gold T 1759 Hawkeye Gld&Di V 628 Heatherdale Rs V 151 38147 Hecla Mining* N Helio Res V 117 Hellix Vent* O 338 Heron Res T 1068 V 244 Highland Copp Highway 50 Gld V 77 Hochschild Mg* O 17 Honey Badger E V 182 Horizon Mnls* O 37 Hornby Bay Mnl V 27 Houston Lake V 272 HTI Ventures V 207 HudBay Mnls* N 680 HudBay Mnls T 10251 Hudson Res V 55 Hudson Res* O 7 Hunt Mng V 115

0.07 0.06 0.06 - 0.02 0.11 0.02 0.09 0.09 0.09 + 0.01 0.16 0.04 0.11 0.10 0.11 - 0.01 0.19 0.10 0.14 0.12 0.13 - 0.00 0.22 0.04 0.20 0.17 0.20 + 0.03 0.43 0.12 0.29 0.24 0.27 + 0.01 0.57 0.11 0.09 0.07 0.09 + 0.01 0.17 0.04 0.12 0.10 0.12 + 0.01 0.23 0.06 0.18 0.13 0.18 + 0.03 0.22 0.04 0.00 0.00 0.00 + 0.00 0.02 0.00 0.07 0.06 0.07 + 0.01 0.14 0.05 0.11 0.08 0.10 + 0.02 0.12 0.02 0.28 0.24 0.26 + 0.03 0.36 0.05 0.07 0.06 0.06 - 0.00 0.09 0.04 1.75 1.59 1.72 + 0.09 2.82 0.54 1.32 1.20 1.30 + 0.07 2.25 0.41 0.26 0.00 0.23 - 0.07 0.38 0.11 0.00 0.00 0.00 + 0.00 0.01 0.00 0.06 0.05 0.05 - 0.02 0.24 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.06 0.07 - 0.01 0.14 0.01 0.02 0.02 0.02 - 0.01 0.05 0.01 0.07 0.05 0.06 + 0.01 0.17 0.00 0.04 0.04 0.04 - 0.01 0.10 0.01 0.13 0.06 0.09 + 0.02 0.22 0.01 0.08 0.07 0.08 + 0.01 0.24 0.02 0.04 0.04 0.04 - 0.00 0.04 0.00 0.05 0.04 0.05 + 0.01 0.06 0.01 8.29 7.16 8.05 + 0.80 10.35 2.48 0.06 0.00 0.06 + 0.01 0.07 0.03 0.12 0.00 0.12 + 0.02 0.53 0.10 0.19 0.16 0.17 - 0.01 0.20 0.09 0.03 0.02 0.03 + 0.01 0.05 0.01 0.02 0.02 0.02 - 0.00 0.04 0.00 3.37 2.95 3.18 + 0.24 4.87 0.53 0.26 0.23 0.26 + 0.02 0.35 0.07 0.18 0.14 0.18 + 0.05 0.18 0.03 0.04 0.00 0.04 + 0.01 0.07 0.01 6.19 5.26 5.91 + 0.67 7.26 1.45 0.04 0.03 0.03 - 0.01 0.08 0.02 0.03 0.01 0.03 + 0.01 0.06 0.00 0.13 0.11 0.13 - 0.01 0.17 0.07 0.14 0.10 0.14 + 0.03 0.17 0.07 0.20 0.15 0.20 + 0.04 0.25 0.05 3.39 3.08 3.28 + 0.23 4.16 0.59 0.03 0.03 0.03 + 0.01 0.05 0.01 0.80 0.60 0.60 - 0.20 0.80 0.05 0.04 0.03 0.03 - 0.01 0.08 0.03 0.36 0.30 0.30 - 0.07 0.40 0.13 0.67 0.55 0.67 + 0.02 0.98 0.01 4.35 3.75 4.05 + 0.24 5.57 1.56 5.46 4.94 5.40 + 0.39 7.25 2.26 0.35 0.31 0.35 + 0.03 0.50 0.29 0.26 0.24 0.25 + 0.00 0.38 0.24 0.30 0.22 0.27 + 0.05 0.40 0.02

I-Minerals V 44 I-Minerals* O 8 IAMGOLD* N 41587 IAMGOLD T 19326 Iberian Mnrls V 1313 IC Potash* O 42 IC Potash T 1049 Iconic Mnls * O 34 Iconic Mnls V 1139 IDM Mining V 1933 IDM Mining* O 667 IEMR Res V 174 O 361 Impala Platnm* Imperial Metal* O 5 Imperial Metal T 44 Inca One Gold V 3416 Inca One Gold* O 1281 Inception Mng * O 2 O 40 Independence G* Independence G V 498 Inform Res V 20 Inspiration Mg 13 O 6 Inspiration Mg* Intact Gold* O 16 Intact Gold V 558 Integra Gold* O 688 Integra Gold V 3075 Intigold Mines V 116 Intigold Mines* O 20 Intl Bethl Mng V 427 Intl Lithium* O 196 Intl Lithium V 168 Intl Millm Mng V 190 Intl Montoro V 160 Intl Montoro* O 402 500 Intl Samuel Ex V Intl Tower Hil* X 1351 Intl Tower Hil T 222 Intrepid Pots* N 3267 INV Metals T 182 Inventus Mg * O 117 Inventus Mg V 177 InZinc Mining V 351 InZinc Mining* O 100 O 358 Ireland* Ironside Res V 88 Irving Res 29 Irving Res* O 18 O 407 Ivanhoe Mines* Jaguar Mng T 4515 Jaguar Mng* O 203 Jaxon Mnls V 1134 Jazz Res V 32 JDL Gold* O 89 V 1171 Jet Gold Jet Metal* O 14 299 K92 Mng Inc* O K92 Mng Inc V 2990 O 32 Kaizen Discvry* Kaizen Discvry V 138 Kapuskasing Gd V 307 Karmin Expl V 9 Karnalyte Res T 112 Katanga Mng T 344 Kennady Diam V 210 Kermode Res V 70 Kerr Mines* O 18 Kerr Mines T 450 Kesselrun Res* O 26 Kesselrun Res V 1072 Khalkos Expl V 163 Kilo Goldmines V 184 Kincora Copper* O 186 Kincora Copper V 99 Kings Bay Gold V 99 Kinross Gold T 19573 Kinross Gold* N 68875 Kirkland Lk Gd T 4989 Kirkland Lk Gd* O 375 Kiska Metals* O 422 Kiska Metals V 988 Kivalliq Enrgy V 303 Klondex Mines T 2411 Klondike Gold V 242 Klondike Gold* O 58 Klondike Silv* O 103 Klondike Silv V 362 Knick Expl V 612 Kombat Copper V 503 Kootenay Silvr V 681 KWG Res* O 23 KWG Res 3163

0.29 0.27 0.28 - 0.02 0.37 0.20 0.22 0.21 0.22 + 0.01 0.28 0.15 4.14 3.31 4.10 + 0.73 5.87 1.15 5.52 4.35 5.46 + 1.01 7.65 1.66 0.07 0.07 0.07 + 0.01 0.11 0.04 0.09 0.08 0.08 - 0.00 0.11 0.03 0.13 0.11 0.11 - 0.01 0.15 0.04 0.15 0.13 0.14 - 0.03 0.33 0.02 0.20 0.17 0.19 + 0.01 0.45 0.03 0.21 0.18 0.20 + 0.01 0.26 0.07 0.16 0.14 0.16 + 0.01 0.21 0.04 0.02 0.01 0.02 + 0.01 0.06 0.01 4.18 3.77 3.90 - 0.14 5.23 1.45 4.47 4.10 4.46 + 0.01 6.21 2.81 6.00 5.60 6.00 + 0.14 8.50 3.92 0.50 0.35 0.40 + 0.09 0.91 0.21 0.35 0.29 0.30 + 0.06 0.35 0.18 0.52 0.00 0.52 + 0.04 1.00 0.20 0.16 0.13 0.14 + 0.01 0.37 0.04 0.20 0.18 0.20 + 0.01 0.50 0.06 0.15 0.00 0.14 - 0.06 0.40 0.05 0.05 0.00 0.05 - 0.01 0.10 0.02 0.05 0.03 0.05 - 0.00 0.10 0.01 0.06 0.05 0.05 - 0.01 0.14 0.04 0.08 0.07 0.07 - 0.01 0.18 0.02 0.62 0.56 0.61 + 0.03 0.76 0.21 0.82 0.74 0.81 + 0.06 0.96 0.30 0.06 0.00 0.05 - 0.01 0.19 0.04 0.04 0.04 0.04 - 0.01 0.08 0.04 0.04 0.04 0.04 + 0.01 0.08 0.02 0.14 0.13 0.13 + 0.00 0.55 0.02 0.19 0.16 0.17 + 0.01 0.38 0.05 0.05 0.05 0.05 - 0.01 0.10 0.05 0.03 0.02 0.03 + 0.01 0.05 0.02 0.02 0.01 0.02 + 0.01 0.03 0.01 0.07 0.06 0.07 - 0.01 0.15 0.05 0.84 0.72 0.74 - 0.02 1.40 0.18 1.07 0.94 1.01 + 0.02 1.82 0.26 1.15 0.96 1.09 + 0.11 6.00 0.65 0.70 0.65 0.66 - 0.04 1.10 0.09 0.14 0.12 0.13 + 0.01 0.28 0.12 0.18 0.16 0.18 + 0.01 0.35 0.02 0.17 0.14 0.15 + 0.01 0.25 0.04 0.12 0.11 0.11 - 0.02 0.17 0.03 0.15 0.08 0.12 - 0.01 0.38 0.08 0.11 0.00 0.09 - 0.05 0.16 0.05 0.60 0.45 0.45 + 0.03 0.60 0.11 0.46 0.38 0.46 + 0.18 0.46 0.09 1.81 1.74 1.76 - 0.02 1.82 0.36 0.72 0.67 0.70 + 0.01 0.85 0.14 0.55 0.52 0.54 + 0.02 0.65 0.09 0.09 0.07 0.09 + 0.01 0.10 0.03 0.12 0.09 0.09 - 0.01 0.25 0.08 1.58 1.51 1.53 - 0.01 1.64 1.50 0.10 0.08 0.09 + 0.01 0.11 0.04 0.06 0.02 0.02 - 0.01 0.12 0.00 1.08 0.97 1.01 - 0.02 1.72 0.75 1.40 1.29 1.34 - 0.01 2.24 0.87 0.14 0.13 0.14 + 0.00 0.19 0.06 0.20 0.00 0.20 + 0.01 0.31 0.08 0.05 0.05 0.05 + 0.01 0.10 0.02 0.25 0.21 0.23 - 0.03 0.32 0.15 1.04 0.96 1.02 - 0.03 4.15 0.64 0.14 0.13 0.13 - 0.01 0.23 0.13 4.10 3.75 4.10 + 0.09 5.00 2.35 0.02 0.02 0.02 - 0.01 0.04 0.01 0.10 0.00 0.10 - 0.01 0.12 0.01 0.15 0.13 0.14 + 0.01 0.16 0.02 0.10 0.09 0.09 - 0.05 0.17 0.10 0.14 0.11 0.14 - 0.01 0.43 0.02 0.20 0.16 0.17 + 0.02 0.26 0.06 0.12 0.11 0.12 + 0.01 0.25 0.05 0.25 0.17 0.24 + 0.06 0.27 0.17 0.33 0.31 0.31 + 0.01 0.55 0.15 0.08 0.08 0.08 + 0.01 0.15 0.05 5.23 4.72 5.20 + 0.46 7.56 1.91 3.93 3.58 3.92 + 0.30 5.82 1.31 8.15 7.59 8.05 + 0.41 12.39 4.51 6.21 5.78 6.03 + 0.20 9.70 3.12 0.05 0.04 0.05 + 0.01 0.09 0.01 0.06 0.05 0.06 + 0.01 0.12 0.01 0.09 0.08 0.09 + 0.01 0.10 0.07 7.45 6.92 7.41 + 0.50 7.84 2.56 0.21 0.18 0.19 - 0.01 0.45 0.09 0.15 0.13 0.13 - 0.02 0.32 0.07 0.06 0.05 0.05 - 0.00 0.12 0.01 0.08 0.06 0.07 + 0.01 0.15 0.01 0.09 0.06 0.08 + 0.01 0.11 0.01 0.05 0.00 0.05 + 0.01 0.10 0.02 0.44 0.41 0.42 - 0.01 0.60 0.17 0.02 0.01 0.02 + 0.01 0.03 0.00 0.03 0.02 0.02 - 0.01 0.04 0.01

Labdr Iron Mns* O 46 Labrador Iron T 641 Lago Dourado V 37 Lake Victoria* O 16 Lamelee Iron V 3 Lara Expl V 154 Laramide Res T 401 Largo Res* O 42 Largo Res T 54

0.01 0.00 0.00 - 0.00 0.02 0.00 14.22 13.33 13.61 + 0.07 16.92 6.85 0.15 0.13 0.14 + 0.02 0.59 0.05 0.01 0.01 0.01 + 0.00 0.03 0.01 0.19 0.00 0.19 + 0.01 0.50 0.10 1.31 1.11 1.31 + 0.11 1.58 0.21 0.26 0.23 0.26 + 0.02 0.38 0.15 0.31 0.28 0.30 - 0.03 0.56 0.08 0.43 0.37 0.43 + 0.02 0.72 0.11

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12-month

Exc Volume High Low Last Change High Low

Latin Am Mnls V 617 Latin Am Mnls* O 3 Laurion Mnl Ex V 2558 LeadFX Inc* O 4 353 Levon Res Ltd T 360 Levon Res Ltd * O Lexam VG Gold* O 291 489 Lexam VG Gold T Li3 Energy* O 536 Liberty Star* O 12391 46 Lion One Mtls V Lion One Mtls* O 21 Lithium Amer T 1866 Lithium Corp* O 1171 30017 Lithium Expl* O LKA Gold* O 9 Lode-Star Mg* O 6 Logan Res V 164 Lomiko Mtls* O 792 Loncor Res T 17 Lonmin plc* O 18 Lonmin plc* O 2 Los Andes Copp V 842 Lowell Copper V 417 Lucara Diam T 2740 Luna Gold* O 179 Luna Gold T 242 Lund Enterpr V 13 Lundin Gold T 590 Lundin Mng T 12527 Lupaka Gold V 100 Lydian Intl T 1792 Lydian Intl* O 177 Lynas Corp* O 103

0.31 0.27 0.29 + 0.01 0.48 0.05 0.24 0.20 0.24 + 0.01 0.36 0.06 0.08 0.04 0.07 + 0.02 0.05 0.01 0.29 0.00 0.29 + 0.04 0.41 0.11 0.43 0.36 0.37 - 0.02 0.71 0.09 0.33 0.27 0.30 + 0.00 0.54 0.07 0.26 0.23 0.23 - 0.01 0.29 0.04 0.34 0.31 0.31 + 0.01 0.38 0.05 0.02 0.01 0.02 + 0.00 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.90 0.83 0.90 - 0.02 1.17 0.32 0.69 0.65 0.69 + 0.01 0.91 0.23 0.85 0.81 0.82 + 0.01 1.15 0.26 0.11 0.06 0.10 - 0.01 0.13 0.02 0.01 0.00 0.00 - 0.00 0.45 0.00 0.40 0.30 0.40 + 0.10 0.53 0.10 0.05 0.04 0.04 - 0.01 0.05 0.02 0.18 0.00 0.15 - 0.02 0.26 0.04 0.03 0.02 0.03 - 0.00 0.04 0.02 0.16 0.15 0.16 + 0.03 0.25 0.02 2.46 0.00 2.43 - 0.01 90.00 0.55 2.32 0.00 2.32 - 0.34 3.12 0.01 0.19 0.17 0.19 - 0.01 0.25 0.06 2.07 1.98 2.01 + 0.01 2.55 0.74 4.21 3.92 4.17 + 0.23 4.39 1.55 0.23 0.21 0.21 - 0.01 0.27 0.02 0.30 0.27 0.28 + 0.01 0.35 0.03 0.15 0.13 0.13 - 0.03 0.19 0.02 6.14 5.63 6.10 + 0.44 6.62 3.75 5.38 5.02 5.18 + 0.19 5.79 2.98 0.25 0.21 0.23 - 0.03 0.29 0.04 0.44 0.39 0.42 + 0.03 0.52 0.19 0.34 0.30 0.33 + 0.02 0.41 0.13 0.04 0.04 0.04 + 0.00 0.10 0.03

M Macarthur Mnl V 12725 0.10 0.06 0.08 + 0.02 0.18 0.02 Macarthur Mnl* O 790 0.07 0.04 0.05 + 0.01 0.14 0.02 V 182 0.01 0.01 0.01 - 0.01 0.02 0.01 MacDonald Mns V 15 1.25 0.00 1.12 + 0.02 1.44 0.30 MacMillan Mnls Mag Copper 5 0.03 0.03 0.03 - 0.01 0.03 0.01 MAG Silver T 1435 20.55 17.60 20.53 + 3.02 23.32 8.67 Magellan Gold* O 25 0.15 0.12 0.12 + 0.00 0.35 0.04 Majescor Res* O 8 0.03 0.03 0.03 - 0.00 0.09 0.01 0.06 + 0.01 0.15 0.02 Majescor Res V 536 0.06 0.04 Majestic Gold V 810 0.06 0.05 0.06 - 0.01 0.12 0.05 Majestic Gold* O 24 0.05 0.03 0.04 - 0.01 0.08 0.03 Malbex Res V 29 0.37 0.33 0.35 + 0.05 0.46 0.25 Mammoth Res V 870 0.03 0.02 0.02 - 0.01 0.05 0.01 Mandalay Res T 1630 1.05 0.98 1.03 + 0.01 1.35 0.59 Mangazeya Mng V 725 0.06 0.04 0.04 - 0.01 0.06 0.02 Manitou Gold V 161 0.07 0.06 0.06 - 0.01 0.12 0.02 Manson Creek V 67 0.03 0.02 0.03 - 0.01 0.06 0.01 Marathon Gold T 927 0.73 0.65 0.70 + 0.04 0.83 0.11 Mariana Res V 422 1.03 0.97 1.02 + 0.03 1.20 0.85 Mariana Res* O 63 0.79 0.00 0.77 + 0.01 0.89 0.02 Maritime Res V 77 0.26 0.22 0.23 - 0.01 0.31 0.08 Marlin Gold* O 291 0.43 0.00 0.42 - 0.02 0.54 0.10 0.54 - 0.02 0.69 0.15 Marlin Gold V 125 0.59 0.52 MartinMarietta* N 3151 180.00 172.38 179.73 + 6.35 206.36 108.31 Mason Graphite* O 160 1.07 0.99 1.00 - 0.05 1.21 0.21 V 445 1.42 1.30 1.31 - 0.07 1.60 0.30 Mason Graphite Matamec Expl V 210 0.07 0.06 0.06 - 0.01 0.11 0.02 Matmown* O 300 0.02 0.02 0.02 + 0.00 0.10 0.01 O 76 0.01 0.00 0.01 + 0.01 0.01 0.00 Maudore Mnrls* Maverix Mtls* O 6 0.85 0.00 0.83 - 0.02 16.33 0.78 0.32 - 0.01 0.42 0.12 Mawson Res* O 87 0.34 0.28 Mawson Res T 92 0.44 0.37 0.43 + 0.04 0.56 0.17 MAX Res V 24 0.11 0.08 0.08 - 0.04 0.11 0.05 Maxwell Res* O 9 0.01 0.01 0.01 + 0.00 0.03 0.00 Maya Gold &Sil V 361 0.14 0.13 0.14 + 0.01 0.27 0.10 McEwen Mng* N 13659 3.73 3.27 3.51 + 0.26 4.92 0.79 McEwen Mng T 2470 4.92 4.31 4.68 + 0.41 6.44 1.05 McLaren Res 615 0.02 0.01 0.02 + 0.01 0.01 0.01 MDN Inc V 317 1.08 0.00 1.08 + 0.05 1.25 0.05 Meadow Bay Gd T 286 0.07 0.07 0.07 - 0.01 0.16 0.06 126 0.05 0.05 0.05 - 0.00 0.11 0.04 Meadow Bay Gd* O Mechel* N 3136 3.96 2.90 3.82 + 0.98 3.60 1.23 Medallion Res V 367 0.03 0.03 0.03 - 0.01 0.06 0.02 Medgold Res V 104 0.19 0.00 0.19 - 0.01 0.25 0.05 Medinah Mnrls* O 7623 0.01 0.01 0.01 - 0.00 0.02 0.01 Mega Uranium T 730 0.14 0.13 0.13 - 0.01 0.20 0.05 Mega Uranium* O 89 0.10 0.10 0.10 + 0.00 0.15 0.04 0.05 - 0.01 0.08 0.02 Megastar Dev V 360 0.06 0.05 Mercator Mnls* O 175 0.00 0.00 0.00 + 0.00 0.01 0.00 Merrex Gold V 762 0.18 0.16 0.17 - 0.01 0.31 0.12 Merrex Gold* O 23 0.13 0.12 0.12 - 0.02 0.24 0.10 Mesa Expl* O 159 0.03 0.03 0.03 + 0.00 0.14 0.01 0.06 + 0.02 0.17 0.01 Mesa Expl V 151 0.06 0.05 MetalCorp V 14 0.03 0.02 0.03 + 0.01 0.04 0.01 Metallic Mnrls V 86 0.47 0.41 0.47 - 0.01 0.54 0.05 Metallic Mnrls* O 81 0.36 0.34 0.35 - 0.00 0.42 0.04 Metallis Res V 86 0.15 0.10 0.13 + 0.02 0.28 0.02 2.80 + 0.60 3.59 1.26 Metalore Res T 9 2.80 2.05 Metals Creek V 585 0.08 0.08 0.08 - 0.01 0.20 0.05 Metals Creek* O 46 0.07 0.06 0.07 + 0.00 0.14 0.06 Metals X* O 10 1.03 0.00 1.01 - 0.03 1.43 0.68 Mexus Gold* O 2557 0.07 0.07 0.07 - 0.00 0.09 0.00 MGX Minerals 666 0.18 0.16 0.16 - 0.02 0.59 0.08 MGX Minerals* O 17 0.14 0.13 0.14 + 0.01 0.19 0.12 Midas Gold T 940 0.95 0.86 0.94 + 0.07 1.22 0.25 0.71 + 0.05 0.95 0.16 Midas Gold* O 757 0.72 0.65 Midland Expl V 83 1.10 1.02 1.10 + 0.10 1.24 0.45 Midnight Sun V 24 0.11 0.11 0.11 + 0.01 0.24 0.08 Millennial Lit V 409 1.65 1.45 1.46 - 0.13 2.45 0.06 Millrock Res* O 192 0.35 0.30 0.34 + 0.03 0.54 0.11 Millrock Res V 240 0.45 0.40 0.45 + 0.05 0.70 0.15 Minaurum Gold V 381 0.10 0.08 0.08 - 0.02 0.14 0.04 Minco Gold* X 325 0.25 0.22 0.25 + 0.00 0.42 0.10 Minco Gold T 43 0.34 0.31 0.32 - 0.01 0.55 0.12 Minco Silver T 207 1.49 1.25 1.44 + 0.15 2.05 0.34 Minco Silver* O 39 1.11 0.95 1.07 + 0.11 1.54 0.26 Mineral Hill V 10 0.24 0.23 0.23 - 0.01 0.40 0.11 Mineral Mtn V 50 0.45 0.41 0.42 - 0.02 0.49 0.08 Mineral Mtn* O 15 0.35 0.31 0.35 - 0.01 0.38 0.04 Minnova Corp V 6 0.85 0.00 0.85 + 0.12 0.90 0.30 Miranda Gold V 1276 0.11 0.09 0.10 + 0.01 0.18 0.06 Mirasol Res V 165 2.48 2.16 2.45 + 0.13 3.50 0.72 Mkango Res V 216 0.07 0.00 0.06 - 0.01 0.11 0.03 Monarques Res* O 28 0.30 0.27 0.30 + 0.03 0.48 0.04 V 383 0.42 0.36 0.40 + 0.02 0.66 0.06 Monarques Res Moneta Porcpn* O 203 0.23 0.20 0.20 - 0.01 0.28 0.07 Moneta Porcpn T 1021 0.30 0.27 0.27 - 0.01 0.36 0.11 Montego Res 157 0.11 0.07 0.07 - 0.01 0.16 0.07 Monument Mng V 220 0.14 0.00 0.13 + 0.01 0.19 0.09 Morumbi Res V 524 0.10 0.09 0.10 - 0.01 0.12 0.02 N 26566 24.85 22.80 24.31 + 1.16 36.95 22.02 Mosaic* Mountain Boy V 602 0.07 0.06 0.06 - 0.01 0.08 0.01 Mountain Prov T 645 7.04 6.62 7.04 + 0.42 7.18 3.40 Mountain Prov* D 285 5.35 5.05 5.25 + 0.20 5.52 2.47 Mundoro Cap* O 4 0.12 0.12 0.12 + 0.01 0.20 0.03 Mundoro Cap V 684 0.18 0.17 0.17 + 0.02 0.23 0.04 Mustang Mnrls V 376 0.02 0.01 0.01 - 0.01 0.02 0.01 MX Gold* O 999 0.15 0.11 0.12 - 0.01 0.31 0.09

N-O NACCO Ind* N 57 Namibia Rare E T 10 Napier Vent* O 49 Napier Vent V 71 Natan Res V 38 Natural Res Pt* N 319 Nautilus Mnrls T 330 Nautilus Mnrls* O 160 Navy Res V 89 Nemaska Lith* O 159 Nemaska Lith T 1849 Nevada Canyon* O 31 Nevada Clean M V 1778 Nevada Clean M* O 161 Nevada Copper T 94 Nevada Egy Mtl* O 389 Nevada Egy Mtl V 1544 Nevada Expl * O 120 Nevada Expl V 146 Nevada Sunrise* O 258 Nevada Sunrise V 791 Nevada Zinc V 786 Nevado Res V 269 Nevsun Res* X 3895

72.49 69.89 71.40 + 0.13 72.49 40.04 0.07 0.06 0.07 + 0.01 0.14 0.04 0.22 0.22 0.22 + 0.00 0.26 0.18 0.29 0.24 0.24 - 0.02 0.34 0.15 0.18 0.16 0.16 - 0.01 0.40 0.05 31.29 28.51 30.07 + 1.15 31.29 5.00 0.18 0.16 0.17 - 0.01 0.35 0.10 0.13 0.12 0.13 + 0.00 0.27 0.08 0.25 0.15 0.19 - 0.06 0.30 0.15 1.04 0.98 0.99 - 0.01 1.50 0.21 1.37 1.31 1.34 + 0.03 1.97 0.27 0.11 0.11 0.11 + 0.00 0.25 0.01 0.05 0.03 0.04 + 0.01 0.05 0.02 0.03 0.03 0.03 + 0.00 0.04 0.00 0.63 0.00 0.59 - 0.02 1.10 0.45 0.09 0.07 0.09 + 0.01 0.20 0.06 0.12 0.10 0.12 + 0.01 0.26 0.02 0.45 0.36 0.42 + 0.04 0.61 0.16 0.57 0.48 0.50 + 0.01 0.94 0.20 0.29 0.23 0.26 + 0.03 0.37 0.11 0.37 0.31 0.34 + 0.04 0.47 0.15 0.43 0.35 0.41 - 0.01 0.80 0.19 0.08 0.07 0.07 - 0.01 0.11 0.01 3.09 2.78 2.92 + 0.17 3.80 2.27

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nevsun Res T 4240 New Carolin Gd V 723 New Carolin Gd* O 236 New Colombia* O 176244 New Destiny Mg V 9 New Dimen Res V 41 New Gold* O 9 New Gold* X 18716 New Gold T 6814 New Guinea Gld* O 26 New Jersey Mng* O 106 New Milln Iron T 427 New Nadina V 82 New Oroperu V 89 New World Res V 38 NewCastle Gold* O 62 T 4924 Newmarket Gold Newmarket Gold* O 1799 Newmont Mng* N 28183 Newport Expl V 115 O 62 Newport Gold* Newstrike Res V 291 Nexgen Energy T 2379 Nexgen Energy* O 278 Next Gen Mtls 3459 63 Next Gen Mtls* O Nexus Gold* O 16 NGEx Res T 1000 NGEx Res* O 20 Nickel North V 409 Nickel One Res V 517 Nicola Mg Inc V 1156 Nicola Mg Inc* O 343 Nighthawk Gold V 3505 Niocorp Dev T 291 Niocorp Dev* O 202 Nippon Dragon V 565 Nitinat Mnls V 21 O 284 Noranda Alum* Noront Res V 755 North Am Nickl* O 21 North Am Nickl V 3798 North Am Pall T 4 North Am Pall* O 4 Northcliff Res T 405 Northern Uran V 6415 Northisle C&G V 1002 Northn Empire V 599 Norvista Cap V 434 Nouveau Monde V 559 NovaCopper* X 219 NovaCopper T 77 NovaGold Res* X 11015 NovaGold Res T 2562 Novo Res V 124 Novo Res* O 53 NQ Explor V 830 Nrthn Abitibi V 584 O 66 Nrthn Freegold* Nrthn Freegold V 206 Nrthn Graphite* O 229 V 505 Nrthn Graphite Nrthn Iron V 873 Nrthn Lion V 21 Nrthn Vertex V 224 V 8 NSGold Nthn Dynasty* X 4674 Nthn Dynasty T 1333 Nthrn Sphere 13 NuLegacy Gold V 1088 O 825 NuLegacy Gold* V 5 NV Gold OceanaGold T 14633 OceanaGold* O 154 Oceanic Iron O V 112 Oceanus Res* O 97 Odin Mng & Exp V 564 9 Odin Mng & Exp* O Olivut Res* O 5 Orbite Tech T 4800 Orbite Tech* O 80 Orca Gold V 1764 Orca Gold* O 314 Orefinders Res V 744 Oremex Silver V 656 Orestone Mng V 352 Orex Expl V 2715 Orex Mnrls V 331 Orex Mnrls* O 164 Orezone Gold V 800 Orezone Gold* O 282 5 Oriental Non F Original Sixtn* O 30 Orla Mng Ltd V 184 Oro East Mg* O 1699 Orocobre T 251 Oroplata Res* O 701 Orosur Mng T 598 Orsu Metals* O 100 Orvana Mnrls* O 31 Osisko Gold T 1892 Osisko Gold* N 368 Osisko Mng Inc T 3383 Otis Gold* O 148 Otis Gold V 532 OZ Minerals* O 7

4.04 3.66 3.88 + 0.26 4.81 3.27 0.08 0.07 0.07 - 0.01 0.15 0.04 0.06 0.05 0.06 - 0.00 0.12 0.03 0.03 0.01 0.03 + 0.02 0.05 0.00 0.18 0.17 0.17 - 0.01 0.32 0.08 0.10 0.00 0.10 + 0.01 0.19 0.04 0.09 0.08 0.09 - 0.01 0.19 0.03 4.26 3.83 4.14 + 0.27 6.04 1.76 5.57 5.04 5.50 + 0.41 7.87 2.56 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.12 0.13 + 0.00 0.15 0.04 0.10 0.08 0.09 + 0.01 0.18 0.05 0.13 0.08 0.08 - 0.02 0.18 0.05 0.60 0.45 0.46 - 0.08 0.72 0.12 0.13 0.00 0.13 + 0.02 0.16 0.01 0.85 0.76 0.79 + 0.03 0.96 0.16 3.85 3.57 3.77 + 0.17 5.07 1.27 2.94 2.71 2.84 + 0.08 3.91 0.91 37.16 34.59 36.35 + 2.12 46.07 16.05 0.28 0.25 0.26 + 0.01 0.38 0.19 0.02 0.01 0.01 - 0.01 0.03 0.00 0.12 0.10 0.10 - 0.02 0.19 0.02 1.83 1.66 1.67 - 0.12 2.86 0.56 1.38 1.24 1.28 - 0.08 2.25 0.41 0.39 0.27 0.31 - 0.05 0.42 0.09 0.29 0.23 0.23 - 0.03 0.29 0.07 0.08 0.08 0.08 - 0.00 0.08 0.06 1.25 1.19 1.24 + 0.07 1.50 0.46 0.91 0.87 0.90 + 0.03 1.14 0.38 0.04 0.01 0.04 + 0.03 0.04 0.01 0.09 0.07 0.08 - 0.01 0.18 0.07 0.21 0.17 0.20 + 0.02 0.54 0.05 0.16 0.14 0.15 + 0.01 0.39 0.03 0.58 0.50 0.51 - 0.01 0.61 0.04 0.81 0.75 0.77 - 0.04 1.14 0.51 0.62 0.56 0.58 - 0.04 0.87 0.37 0.06 0.06 0.06 + 0.01 0.15 0.05 0.09 0.00 0.09 + 0.03 0.09 0.04 0.07 0.03 0.03 - 0.04 2.16 0.01 0.27 0.25 0.25 - 0.01 0.51 0.24 0.07 0.06 0.06 - 0.01 0.12 0.05 0.09 0.08 0.09 + 0.01 0.19 0.07 5.15 4.90 5.10 + 0.08 6.49 3.85 3.93 0.00 3.75 + 0.07 5.06 2.71 0.12 0.10 0.10 - 0.02 0.15 0.07 0.02 0.01 0.01 - 0.01 0.03 0.01 0.09 0.07 0.07 - 0.02 0.14 0.02 0.25 0.00 0.18 + 0.03 0.27 0.07 0.17 0.15 0.16 - 0.02 0.30 0.08 0.25 0.22 0.22 - 0.02 0.38 0.13 0.62 0.56 0.57 + 0.02 0.86 0.15 0.80 0.73 0.74 + 0.01 1.08 0.20 4.74 4.11 4.66 + 0.55 7.29 3.05 6.31 5.40 6.22 + 0.82 9.56 4.05 1.50 1.34 1.35 - 0.03 1.95 0.48 1.15 1.01 1.02 - 0.05 1.41 0.35 0.02 0.01 0.02 + 0.01 0.02 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 0.20 0.00 0.20 + 0.02 0.23 0.02 0.27 0.24 0.27 + 0.02 0.29 0.04 0.26 0.18 0.19 - 0.01 0.47 0.12 0.33 0.22 0.26 + 0.01 0.63 0.16 0.06 0.05 0.06 + 0.01 0.11 0.01 0.25 0.00 0.25 + 0.08 0.32 0.07 0.45 0.42 0.45 + 0.03 0.52 0.13 0.12 0.08 0.08 - 0.01 0.12 0.03 0.74 0.60 0.69 + 0.07 1.16 0.20 0.95 0.79 0.91 + 0.10 1.48 0.28 0.25 0.00 0.25 + 0.05 0.63 0.10 0.45 0.42 0.43 - 0.03 0.54 0.08 0.35 0.32 0.32 - 0.02 0.41 0.06 0.38 0.35 0.35 - 0.02 0.48 0.03 4.39 3.71 4.19 + 0.48 5.56 2.25 3.30 2.83 3.22 + 0.37 4.26 1.67 0.26 0.20 0.24 + 0.01 0.34 0.08 0.17 0.00 0.16 - 0.01 0.26 0.15 0.85 0.00 0.78 - 0.03 0.97 0.27 0.64 0.62 0.62 - 0.01 0.84 0.21 0.19 0.17 0.17 - 0.00 0.30 0.06 0.42 0.35 0.40 - 0.02 0.53 0.20 0.32 0.28 0.28 - 0.04 0.40 0.15 0.55 0.40 0.51 + 0.11 0.49 0.12 0.44 0.31 0.39 + 0.08 0.41 0.08 0.08 0.07 0.08 - 0.01 0.12 0.01 0.04 0.03 0.03 + 0.01 0.10 0.01 0.03 0.02 0.03 + 0.01 0.04 0.01 0.05 0.05 0.05 + 0.01 0.05 0.01 0.85 0.73 0.76 - 0.05 1.38 0.11 0.65 0.55 0.58 - 0.05 1.02 0.05 0.78 0.70 0.78 + 0.08 1.28 0.22 0.59 0.53 0.59 + 0.06 0.99 0.16 0.82 0.79 0.79 - 0.03 0.87 0.27 0.12 0.06 0.06 - 0.06 0.20 0.00 1.50 1.30 1.45 - 0.05 1.75 0.10 0.02 0.01 0.01 - 0.01 0.04 0.00 3.45 3.17 3.44 + 0.21 4.92 1.33 0.46 0.34 0.40 + 0.03 2.04 0.16 0.34 0.28 0.31 + 0.04 0.38 0.10 0.02 0.00 0.02 - 0.00 0.04 0.01 0.20 0.18 0.20 - 0.01 0.29 0.07 14.12 13.23 13.67 + 0.50 18.64 12.34 10.78 10.08 10.26 + 0.25 14.74 8.88 3.14 2.72 3.03 + 0.24 3.42 0.96 0.23 0.18 0.22 + 0.01 0.32 0.05 0.30 0.24 0.29 + 0.02 0.42 0.07 4.60 4.40 4.50 - 0.04 5.33 2.29

Pac Bay Mnrls V 8 Pac Booker Min* O 24 Pac Booker Min V 16 Pac Gold* O 3910 Pac Imperial V 68 Pac North West V 138 Pac North West* O 188 217 Pac Ridge Expl V Pac Ridge Expl* O 25 Pac Topaz V 102 Paget Mrnls V 222 Paladin Energy T 2094 Pan Am Silver T 1596 Pan Am Silver* D 7893 Pancontinental V 79 Panex Res* O 25 Panoro Mnrls V 82 PanTerra Gold* O 1 Pantheon Vent V 288 Para Resources V 598 Parallel Mng V 216 Paramount Gold* X 101 Parlane Res V 85 Pasinex Res 250 Passprt Potash* O 2 Patriot Gold* O 225 Peabody Enrgy* O 22889 Pedro Res V 179 Pelangio Expl V 429 Peloton Mnrls* O 125 Peloton Mnrls 60 Peregrine Diam T 441 Perseus Mng T 868 Pershimco Res V 1149 Pershing Gold* D 341 Peruvian Prc M* O 1034 Petra Diamonds* O 1 Philex Mng* O 8 Pilot Gold* O 208 Pilot Gold T 1091 Pine Cliff En* O 44 Pistol Bay Mng V 728 Pitchblack Res V 78 PJSC Polyus Gd* O 21 Planet Mng V 55 Plata Latina V 111 Plate Res V 196 Plateau Uran V 188 Platinum Gp Mt T 371 Platinum Gp Mt* X 1507 Plato Gold V 18 Playfair Mng* O 2 PNG Gold V 508

0.05 0.05 0.05 - 0.01 0.10 0.03 0.86 0.79 0.82 + 0.01 1.88 0.45 1.13 0.00 1.10 + 0.05 2.45 0.63 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.03 0.03 + 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.08 0.01 0.04 0.03 0.03 - 0.01 0.06 0.00 0.09 0.07 0.08 + 0.01 0.11 0.02 0.07 0.07 0.07 + 0.00 0.08 0.01 0.19 0.16 0.19 + 0.03 0.29 0.07 0.07 0.00 0.06 - 0.01 0.09 0.01 0.17 0.15 0.15 - 0.01 0.27 0.15 22.75 20.41 22.50 + 2.14 27.56 7.85 17.15 15.52 16.88 + 1.40 21.59 5.38 0.08 0.08 0.08 - 0.01 0.13 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.17 0.14 0.17 + 0.02 0.21 0.09 0.04 0.00 0.04 - 0.02 0.09 0.04 0.18 0.16 0.16 - 0.03 0.27 0.10 0.22 0.19 0.21 - 0.01 0.36 0.08 0.11 0.10 0.10 + 0.01 0.18 0.05 1.94 1.76 1.81 - 0.03 2.93 0.93 0.15 0.13 0.13 - 0.02 0.21 0.01 0.14 0.11 0.13 - 0.02 0.17 0.03 0.00 0.00 0.00 - 0.00 0.02 0.00 0.10 0.09 0.09 - 0.01 0.23 0.05 12.54 1.72 10.59 + 8.88 24.86 0.55 0.21 0.16 0.17 - 0.03 0.27 0.01 0.05 0.04 0.05 + 0.01 0.08 0.01 0.12 0.09 0.12 + 0.06 0.12 0.03 0.15 0.13 0.14 + 0.01 0.15 0.08 0.22 0.20 0.21 - 0.01 0.32 0.09 0.54 0.47 0.53 + 0.04 0.67 0.27 0.28 0.26 0.28 - 0.01 0.36 0.09 4.40 4.15 4.36 + 0.16 5.02 3.04 0.10 0.07 0.09 + 0.00 0.13 0.02 1.68 1.68 1.68 - 0.06 1.74 0.86 0.16 0.16 0.16 + 0.01 0.21 0.05 0.53 0.49 0.52 + 0.02 0.72 0.06 0.69 0.64 0.69 + 0.03 0.95 0.22 0.83 0.81 0.81 + 0.02 0.85 0.51 0.11 0.09 0.10 + 0.01 0.14 0.01 0.10 0.00 0.08 - 0.07 0.16 0.05 35.52 33.85 35.00 + 0.20 37.59 18.35 0.04 0.04 0.04 - 0.01 0.08 0.02 0.05 0.05 0.05 + 0.01 0.12 0.02 0.04 0.03 0.04 + 0.01 0.08 0.03 0.28 0.26 0.28 - 0.02 0.45 0.24 2.76 2.47 2.72 + 0.11 5.25 1.35 2.10 1.87 2.05 + 0.05 4.04 0.96 0.01 0.00 0.01 - 0.01 0.03 0.01 0.08 0.07 0.08 + 0.00 0.11 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Polaris Mater T 55 PolyMet Mng* X 713 PolyMet Mng T 40 Portage Res* O 2135 Potash Corp SK T 13641 Potash Corp SK* N 37888 Potash Ridge T 3198 Potash Ridge* O 114 Precipitate Gl V 551 Premier Gold M T 7090 O 69 Premium Expl* Pretium Res* N 5801 Pretium Res T 1614 Primero Mng T 3824 Primero Mng* N 3711 Probe Metals V 243 Probe Metals* O 46 Prophecy Coal T 8 Prophecy Coal* O 4 Prospect Glob* O 10 Prosper Gold V 463 PUF Vent Inc 2271 PUF Vent Inc * O 27 Puma Expl V 1460 Pure Energy* O 557 Pure Gold Mg V 2176 340 Pure Gold Mg* O Q-Gold Res V 560 QMX Gold* O 311 QMX Gold V 1823 Quartz Mtn Res* O 1 Quaterra Res* O 156 Quest Rare Mnl* O 49 194 Quest Rare Mnl T

1.26 1.18 1.26 + 0.07 1.97 1.00 0.85 0.73 0.80 + 0.06 1.28 0.68 1.11 0.96 1.03 + 0.06 1.71 0.93 0.00 0.00 0.00 + 0.00 0.01 0.00 21.96 20.67 21.89 + 0.85 29.29 19.93 16.48 15.72 16.41 + 0.41 22.37 14.64 0.37 0.33 0.35 - 0.02 0.50 0.03 0.28 0.25 0.26 - 0.03 0.38 0.03 0.21 0.17 0.21 + 0.01 0.37 0.06 3.43 3.13 3.41 + 0.04 5.05 2.12 0.02 0.01 0.01 + 0.00 0.04 0.00 10.09 8.95 9.93 + 0.99 12.41 4.00 13.29 11.75 13.23 + 1.47 16.17 5.74 2.22 1.94 2.15 + 0.20 3.78 1.90 1.69 1.47 1.61 + 0.13 2.74 1.41 1.69 1.51 1.59 + 0.07 2.18 0.34 1.28 1.16 1.23 + 0.05 1.66 0.24 3.29 3.15 3.29 + 0.04 5.48 1.00 2.45 0.00 2.37 - 0.03 4.05 1.25 0.07 0.00 0.04 - 0.00 0.20 0.02 0.32 0.27 0.29 - 0.01 0.44 0.06 0.33 0.24 0.30 + 0.03 0.39 0.04 0.24 0.20 0.20 - 0.02 0.24 0.03 0.10 0.07 0.08 - 0.02 0.11 0.03 0.52 0.47 0.48 - 0.02 0.91 0.29 0.74 0.67 0.70 - 0.04 0.77 0.07 0.57 0.51 0.52 - 0.04 0.60 0.05 0.05 0.05 0.05 + 0.01 0.14 0.01 0.08 0.06 0.07 + 0.01 0.08 0.01 0.11 0.06 0.10 + 0.03 0.11 0.01 0.04 0.04 0.04 - 0.00 0.04 0.00 0.05 0.05 0.05 - 0.01 0.07 0.04 0.10 0.09 0.10 + 0.00 0.20 0.03 0.13 0.12 0.13 - 0.01 0.25 0.06

Rackla Mtls V 141 Radisson Mng V 332 Radius Gold V 78 O 41 Rae-Wallace Mg* Rainforest Res* O 83 V 35 Rainmaker Res Rainy Mtn Royl V 1079 Rambler Ml &Mg V 389 Randgold Res* D 3708 Randsburg Intl V 40 Rapier Gold V 190 Rare Element* O 313 Rathdowney Res V 320 Red Eagle Mng V 2098 Red Eagle Mng* O 211 606 Red Pine Expl V Redhawk Res T 263 Redstar Gold V 1216 Redstar Gold* O 178 Redzone Res V 66 Regency Gold V 6 Regulus Res V 313 Renaissance Gd* O 91 Renaissance Gd V 129 Renforth Res 347 Resource Cap V 50 Resource Cap* O 11 Reunion Gold V 182 Revelo Res V 761 Revolver Res V 576 Rheingold Expl 78 Richmond Mnls V 113 Richmont Mines* X 1993 T 1327 Richmont Mines Rio Novo Gold* O 7 Rio Novo Gold T 72 Rio Silver V 363 Rio Tinto* O 3 Rio Tinto* N 16764 Rio Tinto* O 1 Rise Res Inc 183 Rise Res Inc* O 18 Riverside Res V 178 Riverside Res* O 9 RJK Explor V 90 Robex Res V 331 Rock Tech Lith V 137 Rock Tech Lith* O 3 Rockcliff Cop V 673 Rockex Mng 6 Rockhaven Res V 293 Rockland Mnls V 65 V 121 Rockridge Cap Rockshield Cap 695 Rockwell Diam* O 96 T 259 Rockwell Diam Rodinia Lithm V 366 Rogue Res V 125 Rokmaster Res V 638 Romios Gold Rs V 181 Romios Gold Rs* O 351 RosCan Mrnls V 252 Rosita Mg Corp* O 17 Rosita Mg Corp V 115 Roxgold* O 123 Roxgold V 1289 Royal Gold* D 2938 Royal Nickel* O 108 Royal Nickel T 2470 Royal Rd Mnrls V 717 V 65 Royal Sapphire Royal Std Mnrl* O 3 RT Minerals V 4637 RT Minerals* O 33 Rubicon Mnrls* O 586 Rugby Mng V 178 Running Fox Rs* O 19 Rupert Res V 138 Rusoro Mng* O 49 Rusoro Mng V 500 Rye Patch Gold* O 824 Rye Patch Gold V 9274

0.14 0.00 0.14 - 0.01 0.22 0.05 0.16 0.15 0.16 + 0.01 0.18 0.09 0.15 0.13 0.13 + 0.01 0.17 0.05 0.01 0.01 0.01 + 0.00 0.01 0.00 8.25 5.50 6.50 + 0.45 8.25 0.30 0.10 0.09 0.09 - 0.01 0.25 0.07 0.09 0.08 0.09 + 0.01 0.10 0.03 0.11 0.08 0.11 + 0.03 0.12 0.05 87.65 82.60 86.94 + 3.90 126.55 58.77 0.01 0.00 0.01 - 0.01 0.02 0.01 0.17 0.15 0.17 + 0.02 0.17 0.03 0.06 0.04 0.05 - 0.01 0.29 0.04 0.20 0.18 0.18 - 0.02 0.26 0.11 0.95 0.78 0.92 + 0.12 0.90 0.25 0.70 0.60 0.70 + 0.08 0.91 0.18 0.16 0.14 0.15 + 0.01 0.24 0.03 0.06 0.05 0.05 - 0.01 0.09 0.04 0.14 0.12 0.12 - 0.02 0.17 0.03 0.11 0.09 0.09 - 0.01 0.13 0.01 0.20 0.13 0.14 + 0.01 0.32 0.06 0.26 0.00 0.26 + 0.01 0.60 0.05 1.39 1.08 1.15 - 0.11 1.87 0.19 0.39 0.31 0.36 + 0.03 0.52 0.08 0.51 0.41 0.51 + 0.09 0.66 0.11 0.04 0.03 0.04 + 0.01 0.05 0.01 0.26 0.20 0.24 - 0.02 0.35 0.02 0.20 0.19 0.19 + 0.00 0.26 0.02 0.06 0.00 0.06 + 0.02 0.06 0.01 0.09 0.07 0.09 + 0.02 0.11 0.05 0.32 0.25 0.29 - 0.06 0.39 0.07 0.12 0.12 0.12 + 0.01 0.12 0.01 0.07 0.06 0.06 - 0.01 0.14 0.03 9.63 8.62 9.63 + 0.84 11.66 2.79 12.83 11.28 12.78 + 1.25 15.01 3.73 0.15 0.13 0.15 + 0.02 0.23 0.06 0.20 0.18 0.20 + 0.01 0.30 0.07 0.18 0.16 0.18 + 0.02 0.18 0.02 32.10 0.00 32.10 - 1.01 38.20 21.90 33.16 31.67 32.87 + 1.10 38.66 21.89 38.86 38.62 38.86 + 0.24 40.08 25.47 0.27 0.21 0.26 + 0.05 0.25 0.11 0.20 0.14 0.20 + 0.05 0.25 0.08 0.42 0.36 0.42 + 0.04 0.49 0.12 0.30 0.28 0.30 + 0.03 0.38 0.08 0.18 0.16 0.16 - 0.01 0.25 0.05 0.10 0.09 0.10 - 0.01 0.17 0.05 1.10 0.95 1.00 - 0.07 1.45 0.03 0.83 0.75 0.75 - 0.08 0.83 0.02 0.13 0.12 0.13 - 0.01 0.16 0.02 0.06 0.05 0.06 + 0.01 0.75 0.02 0.21 0.17 0.18 + 0.01 0.29 0.10 0.07 0.05 0.06 - 0.01 0.11 0.01 0.25 0.00 0.20 + 0.05 0.57 0.05 0.08 0.07 0.07 - 0.01 0.11 0.04 0.07 0.00 0.06 - 0.00 0.16 0.05 0.09 0.08 0.09 + 0.01 0.20 0.07 0.11 0.09 0.09 - 0.01 0.20 0.10 0.44 0.40 0.41 - 0.03 1.50 0.40 0.03 0.02 0.03 + 0.01 0.05 0.01 0.08 0.07 0.08 + 0.01 0.10 0.02 0.07 0.05 0.07 + 0.01 0.08 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 0.06 0.05 0.06 + 0.00 0.10 0.01 0.08 0.06 0.07 + 0.01 0.14 0.01 1.17 1.09 1.13 + 0.01 1.35 0.46 1.54 1.43 1.47 + 0.02 1.76 0.62 71.04 66.03 68.35 + 2.39 87.74 24.68 0.30 0.27 0.28 - 0.00 0.50 0.10 0.41 0.35 0.37 - 0.01 0.63 0.12 0.13 0.11 0.11 - 0.01 0.18 0.04 0.06 0.04 0.04 - 0.02 0.07 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.11 0.10 0.11 + 0.01 0.30 0.05 0.08 0.06 0.07 + 0.01 0.09 0.05 0.04 0.03 0.03 - 0.00 0.50 0.01 0.26 0.25 0.25 + 0.01 0.58 0.03 0.02 0.02 0.02 - 0.01 0.03 0.00 0.75 0.71 0.73 - 0.01 0.99 0.02 0.17 0.15 0.17 + 0.01 0.31 0.02 0.24 0.20 0.22 - 0.01 0.41 0.03 0.24 0.20 0.24 + 0.04 0.37 0.08 0.32 0.26 0.32 + 0.06 0.47 0.11

Sabina Gd&Slvr* O 437 Sabina Gd&Slvr T 990 Sage Gold* O 90 Saint Jean V 1565 Salazar Res* O 150 Salazar Res V 369 Sama Res V 96 Samex Mng* O 101 San Marco Res V 180 San Marco Res* O 13 Sandspring Res V 1574 Sandspring Res* O 423 Sandstorm Gold* X 7067 Sandstorm Gold T 2366 Santa Fe Gold* O 1513 Santacruz Silv V 667 Sarama Res V 672 Sarissa Res* O 724 Satori Res V 212 Saturn Mnrls V 2045 Savannah Gold V 146 Savary Gold* O 250 Savary Gold V 701 Scandium Int M* O 3 Scientific Mts V 2934 Scorpio Gold V 384 ScoZinc Mg V 4 Seabridge Gld* N 2247 Seabridge Gld T 413 Search Mnls V 322 Searchlight* O 550 Sego Res V 406 Select Sands V 7141 Semafo T 6754 Senator Mnrls V 39 Sennen Potash V 49 Serabi Gold T 84 Serengeti Res V 1029 Shamrock Ent 453 Sherritt Intl T 5003

1.08 1.00 1.08 + 0.09 1.55 0.38 1.44 1.31 1.44 + 0.15 1.87 0.50 0.10 0.09 0.09 - 0.01 0.12 0.03 0.04 0.04 0.04 + 0.01 0.07 0.03 0.10 0.09 0.09 - 0.00 0.12 0.03 0.13 0.11 0.12 + 0.01 0.16 0.03 0.13 0.11 0.13 + 0.02 0.17 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.19 0.14 0.17 + 0.03 0.30 0.02 0.15 0.12 0.13 + 0.01 0.22 0.01 0.60 0.52 0.60 - 0.02 0.94 0.11 0.47 0.40 0.44 - 0.04 0.72 0.08 5.12 4.57 4.93 + 0.35 6.75 1.94 6.69 6.02 6.55 + 0.54 8.73 2.82 0.06 0.04 0.05 - 0.01 0.07 0.00 0.43 0.38 0.41 + 0.01 0.63 0.09 0.31 0.25 0.28 + 0.05 0.55 0.05 0.01 0.01 0.01 - 0.00 0.01 0.00 0.13 0.09 0.10 - 0.02 0.18 0.03 0.10 0.09 0.09 - 0.01 0.22 0.08 0.09 0.08 0.09 + 0.01 0.15 0.01 0.09 0.09 0.09 + 0.01 0.12 0.06 0.12 0.11 0.12 + 0.01 0.15 0.02 0.10 0.10 0.10 - 0.00 0.17 0.08 0.09 0.07 0.08 + 0.01 0.10 0.07 0.08 0.07 0.07 - 0.01 0.11 0.05 0.91 0.00 0.88 - 0.27 1.25 0.40 11.59 10.62 11.25 + 0.64 15.88 5.46 15.19 13.90 14.96 + 1.03 20.71 7.99 0.07 0.06 0.07 + 0.01 0.11 0.04 0.06 0.03 0.06 + 0.01 0.19 0.01 0.04 0.00 0.04 + 0.01 0.05 0.01 1.21 0.83 1.20 + 0.35 1.17 0.20 5.60 4.92 5.51 + 0.55 7.46 2.69 0.75 0.70 0.74 - 0.01 0.80 0.05 0.13 0.12 0.12 - 0.01 0.18 0.09 0.09 0.00 0.08 - 0.01 0.12 0.04 0.18 0.14 0.16 - 0.01 0.33 0.02 0.04 0.04 0.04 + 0.01 0.06 0.01 0.94 0.79 0.94 + 0.14 1.07 0.53

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2016-10-25 6:27 PM

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WWW.NORTHERNMINER.COM

OCTOBER 31–NOVEMBER 6, 2016 / THE NORTHERN MINER

S T O C K TA B L E S (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Shore Gold T 902 Shoshoni Gold V 40 Sibanye Gold* N 6070 Sienna Res V 1037 Sienna Res* O 5 Sierra Iron Or V 98 Sierra Metals T 2 Sierra Metals* O 4 Signal Expl V 275 Signature Res* O 15 Signature Res V 174 Silver Bear Rs T 2402 Silver Bull Re* O 416 Silver Dragon* O 2534 Silver Grail V 210 Silver Hill* O 13 Silver Mtn Mns V 154 Silver Phoenix 17 Silver Predatr V 73 Silver Range V 75 Silver Scott* O 7 Silver Shield 22 Silver Spruce* O 28 Silver Std Res T 1904 Silver Std Res* D 6756 Silver Wheaton T 5582 Silver Wheaton* N 20518 Silvercorp Met T 2264 Silvercorp Met* O 494 D 336 SinoCoking Cl* Sirios Res V 1352 Sirios Res* O 22 Skeena Res* O 101 Skeena Res V 1932 Sky Ridge* O 19 Sky Ridge V 194 Skyharbour Res V 272 Skyharbour Res* O 31 Slam Explor V 492 Solitario Ex&R T 9 Solitario Ex&R* X 151 624 Sonora Gld & S V Sonoro Mtls V 145 Source Expl V 146 Southern Arc* O 51 Southern Copp* N 4600 Southern Silvr V 500 Southern Silvr* O 86 SouthGobi Res T 6 38 Spanish Mtn Gd* O Spanish Mtn Gd V 197 Sparton Res V 1116 Sparton Res* O 110 Spruce Ridge R V 13 O 50 St-Georges Plt* Stakeholdr Gld V 41 O 80 Stakeholdr Gld* Standard Graph V 595 O 163 Standard Graph* Stans Energy V 628 Stans Energy* O 150 Star Gold* O 52 Starcore Intl T 127 Stellar Africa V 104 Stelmine Can V 26 Sterling Grp* O 112 Stillwater Mg* N 7646 Stina Res* O 50 Stina Res 186 Stockport Expl* O 17 Stockport Expl V 113 Stornoway Diam T 6262

0.21 0.20 0.21 + 0.01 0.25 0.17 0.05 0.05 0.05 - 0.01 0.25 0.05 12.63 11.28 12.36 + 0.90 20.97 4.59 0.17 0.15 0.16 + 0.01 0.27 0.01 0.12 0.12 0.12 - 0.02 0.20 0.01 0.37 0.30 0.30 - 0.03 0.45 0.22 1.92 1.84 1.84 - 0.11 2.19 0.95 1.55 1.33 1.45 - 0.10 1.69 0.69 0.40 0.25 0.25 + 0.05 0.25 0.01 0.08 0.07 0.07 - 0.00 0.09 0.07 0.09 0.07 0.08 - 0.02 0.12 0.01 0.36 0.25 0.36 + 0.11 0.53 0.02 0.14 0.12 0.13 - 0.01 0.21 0.02 0.02 0.01 0.01 - 0.01 0.04 0.00 0.08 0.06 0.07 + 0.01 0.16 0.02 0.60 0.35 0.35 - 0.45 1.05 0.35 0.03 0.02 0.02 - 0.01 0.05 0.01 0.10 0.09 0.09 - 0.01 0.10 0.01 0.06 0.06 0.06 - 0.01 0.12 0.01 0.13 0.12 0.12 - 0.01 0.24 0.02 0.04 0.03 0.03 - 0.01 0.04 0.00 0.07 0.05 0.07 - 0.01 0.17 0.02 0.08 0.07 0.07 - 0.00 0.10 0.03 15.08 13.75 14.89 + 1.11 20.48 5.28 11.46 10.44 11.19 + 0.71 15.84 3.66 32.77 30.06 32.41 + 2.37 40.80 14.51 24.69 22.89 24.33 + 1.47 31.35 10.04 3.87 3.39 3.74 + 0.37 4.73 0.60 2.94 2.57 2.80 + 0.24 3.67 0.41 0.24 0.18 0.21 - 0.01 0.76 0.20 0.61 0.52 0.58 + 0.07 1.42 0.07 0.42 0.39 0.42 + 0.02 1.13 0.07 0.09 0.08 0.08 - 0.00 0.15 0.04 0.12 0.10 0.11 + 0.01 0.20 0.06 0.35 0.29 0.32 + 0.01 0.67 0.29 0.45 0.38 0.45 + 0.05 0.88 0.20 0.31 0.28 0.29 - 0.01 0.42 0.08 0.24 0.22 0.23 + 0.00 0.32 0.19 0.07 0.00 0.06 - 0.01 0.15 0.01 0.89 0.83 0.89 + 0.06 1.29 0.57 0.67 0.62 0.65 + 0.03 0.95 0.41 0.06 0.05 0.06 + 0.01 0.08 0.01 0.12 0.10 0.10 - 0.02 0.15 0.04 0.21 0.19 0.21 + 0.01 0.50 0.10 0.50 0.43 0.43 - 0.04 0.75 0.17 27.75 26.05 27.40 + 1.39 31.31 21.55 0.44 0.38 0.39 + 0.01 0.66 0.03 0.33 0.30 0.30 - 0.01 0.52 0.02 0.34 0.30 0.34 + 0.02 0.65 0.21 0.12 0.10 0.12 + 0.01 0.17 0.01 0.15 0.13 0.15 + 0.01 0.22 0.02 0.07 0.06 0.07 + 0.01 0.09 0.02 0.06 0.04 0.06 + 0.00 0.07 0.01 0.05 0.04 0.05 - 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.05 0.01 0.80 0.72 0.72 - 0.13 0.89 0.04 0.61 0.53 0.53 - 0.11 0.67 0.05 0.06 0.05 0.06 + 0.01 0.13 0.01 0.04 0.04 0.04 - 0.00 0.09 0.00 0.06 0.05 0.05 - 0.01 0.09 0.01 0.04 0.04 0.04 - 0.00 0.06 0.01 0.20 0.05 0.14 + 0.09 0.20 0.05 0.72 0.63 0.72 + 0.02 0.91 0.25 0.04 0.03 0.04 + 0.01 0.08 0.01 0.37 0.32 0.37 + 0.05 0.38 0.05 0.03 0.02 0.03 + 0.00 0.04 0.01 12.92 11.86 12.60 + 0.79 15.91 4.99 0.08 0.07 0.08 + 0.01 0.16 0.05 0.10 0.08 0.10 + 0.02 0.19 0.08 0.02 0.01 0.02 + 0.01 0.04 0.00 0.03 0.02 0.03 + 0.01 0.06 0.01 1.28 1.12 1.26 + 0.14 1.20 0.66

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strategic Metl V 170 Stratton Res V 122 Stria Lithium V 498 Strikepoint Gd V 332 Strikepoint Gd* O 37 Strongbow Expl V 171 Stroud Res V 4005 Sulliden Mng T 216 Sultan Mnrls V 72 Suncor Energy T 17960 Suncor Energy* N 15385 Sunridge Gold* O 103 Sunset Cove Mg V 573 Sunvest Mnrls V 301 Sutter Gold* O 191 Syrah Res* O 15

0.59 0.53 0.57 + 0.03 0.86 0.24 0.60 0.55 0.58 - 0.01 0.85 0.07 0.06 0.04 0.06 + 0.01 0.18 0.03 0.37 0.31 0.36 + 0.04 0.55 0.05 0.27 0.27 0.27 + 0.02 0.27 0.08 0.20 0.00 0.15 - 0.02 0.25 0.05 0.02 0.01 0.02 + 0.01 0.03 0.01 0.41 0.37 0.38 + 0.01 0.47 0.19 0.10 0.09 0.09 - 0.02 0.20 0.05 39.49 37.17 39.19 + 1.81 40.35 27.32 29.77 28.31 29.42 + 0.99 30.70 18.71 0.03 0.03 0.03 + 0.00 0.29 0.01 0.17 0.15 0.16 + 0.01 0.17 0.07 0.21 0.16 0.16 - 0.06 0.40 0.01 0.04 0.03 0.03 - 0.00 0.13 0.02 2.96 2.91 2.96 + 0.05 4.90 2.10

Tahoe Res* N 7192 Tahoe Res T 4804 Tajiri Res V 348 Takara Res V 196 Taku Gold 76 Talon Metals T 1151 Tango Mining V 1194 Tanqueray Expl V 19 Tantalex Res 268 Tanzania Rlty T 262 Tanzania Rlty* X 2399 Taranis Res V 31 Tarku Res V 425 Tartisan Res 315 Tasca Res V 37 Taseko Mines T 307 Taseko Mines* X 375 Teck Res T 23629 Teck Res* N 52838 T 28 Teck Res Telson Res * O 18 Telson Res V 56 Tembo Gold V 94 Tembo Gold* O 69 Teranga Gold T 3477 Teras Res V 162 Terraco Gold V 629 Terrax Mnrls* O 119 Terrax Mnrls V 402 849 Teslin Rvr Res V Teuton Res V 259 Teuton Res* O 130 Theia Res V 26 Thompson Creek* O 586 Thompson Creek T 1571 Thor Expl V 63 Thunder Mtn Gd* O 29 Thunderstruck V 66 Till Capital* D 13 V 100 Timberline Res Timberline Res* O 371 Timmins Gold T 2222 Timmins Gold* X 4111 Tinka Res* O 236 Tintina Mines V 18 Tintina Res V 1911 Tintina Res* O 144 Tirex Res* O 57 Tirex Res V 1125 Titanium Corp V 45 TMAC Resource* O 11 TMAC Resources T 117

12.34 11.06 11.96 + 0.92 17.01 6.48 16.14 14.51 15.96 + 1.45 22.13 9.45 0.12 0.11 0.12 + 0.01 0.13 0.01 0.08 0.00 0.07 + 0.01 0.10 0.02 0.13 0.07 0.07 - 0.03 0.22 0.02 0.08 0.06 0.08 + 0.02 0.15 0.06 0.02 0.02 0.02 - 0.01 0.14 0.01 0.17 0.00 0.17 + 0.02 0.17 0.02 0.14 0.13 0.14 + 0.01 0.18 0.01 1.14 0.85 0.98 + 0.12 1.95 0.24 0.88 0.64 0.75 + 0.09 1.49 0.17 0.12 0.11 0.12 + 0.01 0.15 0.04 0.07 0.05 0.05 - 0.01 0.10 0.02 0.03 0.03 0.03 + 0.01 0.10 0.01 0.17 0.15 0.16 + 0.01 0.21 0.00 0.60 0.55 0.57 + 0.02 0.88 0.35 0.45 0.42 0.43 + 0.01 0.70 0.23 27.45 25.16 27.31 + 2.65 27.32 3.65 20.84 19.17 20.50 + 1.73 20.84 2.56 27.55 25.05 27.55 + 2.65 27.47 5.69 0.24 0.23 0.23 - 0.01 0.43 0.07 0.40 0.30 0.31 - 0.01 0.55 0.04 0.06 0.00 0.06 + 0.01 0.07 0.01 0.05 0.03 0.05 + 0.02 0.06 0.01 1.19 1.04 1.19 + 0.15 1.40 0.38 0.17 0.15 0.15 - 0.01 0.21 0.03 0.17 0.14 0.17 + 0.01 0.19 0.08 0.65 0.60 0.60 - 0.06 0.80 0.17 0.87 0.78 0.79 - 0.03 1.05 0.24 0.27 0.24 0.25 - 0.02 0.43 0.20 0.28 0.24 0.24 - 0.01 0.46 0.04 0.20 0.18 0.18 - 0.01 0.34 0.03 0.11 0.10 0.11 + 0.02 0.17 0.05 0.50 0.45 0.50 + 0.05 0.60 0.07 0.66 0.60 0.65 + 0.06 0.77 0.16 0.12 0.10 0.10 - 0.03 0.16 0.02 0.15 0.10 0.12 - 0.03 0.16 0.02 0.09 0.08 0.08 - 0.01 0.20 0.01 4.11 0.00 3.91 - 0.13 5.00 2.76 0.73 0.59 0.73 + 0.20 0.72 0.16 0.52 0.44 0.52 + 0.09 0.55 0.08 0.65 0.61 0.63 + 0.01 0.80 0.11 0.50 0.47 0.47 - 0.01 0.63 0.07 0.17 0.15 0.16 - 0.01 0.22 0.07 0.06 0.06 0.06 - 0.01 0.12 0.05 0.09 0.07 0.09 + 0.01 0.15 0.05 0.07 0.06 0.07 - 0.01 0.12 0.04 0.08 0.06 0.07 - 0.01 0.16 0.05 0.10 0.08 0.09 - 0.01 0.22 0.05 0.68 0.55 0.58 - 0.11 1.24 0.31 14.50 13.56 14.07 + 0.67 15.16 9.26 19.20 17.74 18.72 + 0.93 19.97 5.90

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TNR Gold V 80 Toachi Mg Inc V 1886 TomaGold V 1039 Tombstone Expl* O 860 Tonogold Res* O 12 Torex Gold* O 80 Torex Gold T 1580 Tower Res V 187 Transatlan Mng V 2352 Transition Mtl V 37 Treasury Metal T 1456 Trecora Res* N 115 Trevali Mng* O 202 Trevali Mng T 5728 Tri Origin Exp V 89 TriMetals Mng* O 273 O 45 TriMetals Mng* TriMetals Mng T 411 Trinity Res* O 6 O 2068 Trio Resources* TriStar Gold* O 32 TriStar Gold V 63 Troy Res* O 34 Trueclaim Expl V 178 Tudor Gold * O 28 Tudor Gold V 122 O 150 Tungsten Corp* Turquoise HIl* N 9452 Turquoise HIl T 3913 TVI Pacific* O 50 Typhoon Expl V 33

0.04 0.00 0.04 - 0.01 0.09 0.01 0.48 0.36 0.42 - 0.08 0.59 0.03 0.10 0.09 0.10 + 0.01 0.17 0.04 0.01 0.00 0.01 - 0.00 0.02 0.01 0.03 0.03 0.03 - 0.01 0.07 0.01 20.61 18.57 19.63 + 0.98 27.34 7.97 27.11 24.35 26.19 + 1.81 35.17 10.90 0.18 0.16 0.16 - 0.01 0.21 0.01 0.07 0.06 0.06 - 0.01 0.15 0.03 0.19 0.18 0.18 - 0.01 0.25 0.07 0.78 0.63 0.74 + 0.14 0.85 0.32 10.90 10.40 10.66 + 0.33 14.84 8.17 0.78 0.70 0.78 + 0.06 0.87 0.18 1.04 0.91 1.02 + 0.08 1.13 0.25 0.07 0.00 0.07 + 0.01 0.08 0.02 0.21 0.19 0.20 - 0.01 0.28 0.04 0.21 0.18 0.20 - 0.00 0.32 0.06 0.27 0.26 0.27 + 0.01 0.36 0.06 0.33 0.00 0.07 + 0.04 0.33 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.32 0.28 0.32 + 0.01 0.41 0.10 0.43 0.36 0.41 - 0.01 0.53 0.14 0.28 0.26 0.28 + 0.01 0.56 0.13 0.04 0.00 0.04 - 0.01 0.05 0.01 0.61 0.55 0.61 + 0.06 1.26 0.54 0.80 0.71 0.74 + 0.03 2.50 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 3.18 2.95 3.10 + 0.10 3.67 1.55 4.24 3.88 4.12 + 0.17 4.72 2.30 0.02 0.02 0.02 + 0.01 0.03 0.00 0.08 0.08 0.08 - 0.01 0.15 0.03

U.S. Lithium* O 697 U3O8 Corp* O 172 113 Ucore Rare Mtl* O UEX Corp T 1007 Ultra Lithium V 122 Ultra Lithium* O 13 Umbral Enrgy* O 122 Unigold V 329 443 United Res Hdg* O United Silver* O 1265 101 United States A* X United States S* N 124139 Unity Energy V 425 Ur-Energy* X 693 Uracan Res V 246 Uracan Res* O 41 Uragold Bay Rs V 835 Uranium Res* D 2358 US Energy* D 100 US Precious M* O 1292 US Rare Earths* O 18 US Tungsten* O 143 N 45494 Vale* Vale* N 123446 Valencia Vent V 83 ValGold Res* O 70 ValGold Res V 633 Valley High Mg* O 4944 Valterra Res V 81 Vanadiumcorp* O 74 Vanadiumcorp V 122 N 1755 Vedanta* Vela Minerals V 23 Vendetta Mng V 1295 Vendome Res V 27 Venture Mnrls* O 70 Victoria Gold V 2313

0.03 0.01 0.03 + 0.01 0.15 0.01 0.02 0.01 0.02 - 0.00 0.03 0.01 0.25 0.23 0.24 - 0.00 0.35 0.15 0.21 0.19 0.21 + 0.01 0.29 0.11 0.24 0.19 0.20 - 0.03 0.35 0.07 0.18 0.15 0.15 - 0.03 0.27 0.06 0.04 0.03 0.03 - 0.01 0.08 0.02 0.34 0.30 0.32 + 0.03 0.69 0.08 0.04 0.00 0.03 + 0.00 0.06 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.44 0.38 0.41 - 0.03 0.60 0.16 20.42 16.50 19.78 + 3.36 27.64 6.15 0.09 0.08 0.08 - 0.02 0.48 0.08 0.49 0.46 0.48 - 0.00 0.73 0.44 0.08 0.08 0.08 + 0.01 0.10 0.01 0.06 0.06 0.06 + 0.00 0.08 0.00 0.18 0.15 0.17 + 0.01 0.31 0.02 1.39 1.27 1.33 + 0.05 10.08 1.25 1.93 1.72 1.74 - 0.08 3.03 0.67 0.01 0.01 0.01 + 0.00 0.06 0.00 0.16 0.03 0.13 + 0.10 0.58 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 5.91 5.15 5.90 + 0.75 5.70 1.55 6.36 5.60 6.26 + 0.68 6.26 2.13 0.14 0.00 0.14 - 0.01 0.40 0.07 0.04 0.03 0.03 - 0.01 0.04 0.00 0.05 0.03 0.04 - 0.01 0.08 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.07 0.06 0.07 + 0.01 0.09 0.01 0.04 0.03 0.03 - 0.01 0.05 0.01 0.05 0.05 0.05 - 0.01 0.06 0.02 12.31 11.41 11.96 + 0.54 12.31 3.52 0.06 0.04 0.04 - 0.02 0.08 0.02 0.14 0.12 0.13 + 0.02 0.13 0.05 0.24 0.18 0.18 - 0.07 0.35 0.05 0.02 0.02 0.02 - 0.00 0.04 0.01 0.64 0.54 0.61 + 0.06 0.80 0.13

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Victory Nickel* O 2 Victory Nickel 45 Victory Vent V 161 O 15 Virginia Enrgy* Vista Gold* X 2324 Vista Gold T 292 Volcanic Mtls V 139 Voltaic Min V 957 VVC Expl V 520

0.01 0.01 - 0.00 0.04 0.01 0.01 0.02 0.03 + 0.01 0.05 0.03 0.03 0.01 0.02 - 0.01 0.06 0.02 0.02 0.02 0.00 0.06 + 0.03 0.03 0.03 0.26 0.94 + 0.05 2.09 1.00 0.88 0.35 1.26 + 0.09 2.73 1.32 1.16 0.04 0.16 - 0.06 0.22 0.22 0.16 0.03 0.06 - 0.01 0.52 0.08 0.06 0.01 0.03 + 0.01 0.05 0.03 0.02

Walker River V 2066 T 1061 Wallbridge Mng O 6333 Walter Energy* 300 War Eagle Mg V Waseco Res V 73 Wealth Mnrls* O 224 Wealth Mnrls V 849 Wellgreen Plat T 532 O 589 Wellgreen Plat* V 24 Wescan Gldflds T 1935 Gold Wesdome 758 V West Af Res West Kirkland V 277 331 West Red Lake 72 West Red Lake* O X 1842 Western Copper* T 369 Western Copper 110 Western Pac Rs V 126 Western Pac Rs* O T 330 Western Potash Western Uran 17 Western Uran* O 13 V 298 Westhaven Vent O 251 Westkam Gold* V 445 Westminster Rs Westmoreland* D 493 183 White Metal Rs V 258 White Mtn Engy* O O 18 Whitehaven Coa* Wildcat Expl* O 3256 Wildcat Expl V 3834 3710 Winston Gld Mg 640 Winston Gld Mg* O Winston Res 132 Wolfden Res V 168 V 342 Wolverine Mnls V 24 Worldwide Res WPC Res V 2863 X-Terra Res V 397 X-Terra Res* O 1 Xander Res V 268 Xiana Mng V 14 Ximen Mng V 9 XLI Tech Inc* O 1977 Xtra-Gold Res T 163 O 33 Xtra-Gold Res* Yamana Gold T 22237 96931 Yamana Gold* N Yanzhou Coal* N 103 Yorbeau Res T 884 19 O Zadar Vent * Zazu Metals* O 56 Zazu Metals T 130 Zenyatta Vent V 227 O 10 Zenyatta Vent* Zephyr Mnls V 34 Zimtu Capital V 346 Zincore Mtls V 8 Zonte Mtls V 85

0.03 0.16 + 0.02 0.15 0.16 0.12 0.02 0.06 + 0.01 0.10 0.07 0.06 0.01 0.10 + 0.07 0.10 0.11 0.03 0.03 0.03 0.03 - 0.02 0.04 0.01 0.02 0.08 + 0.02 0.09 0.08 0.06 0.10 0.98 + 0.01 1.16 1.00 0.91 0.14 1.30 + 0.03 1.50 1.31 1.18 0.16 0.47 + 0.05 0.62 0.49 0.42 0.12 0.36 + 0.02 0.46 0.37 0.32 0.02 0.10 + 0.04 0.10 0.10 0.00 0.98 2.70 + 0.22 2.90 2.79 2.41 0.36 0.30 0.34 + 0.04 0.40 0.05 0.04 0.11 - 0.01 0.17 0.11 0.10 0.27 0.24 0.26 - 0.01 0.40 0.01 0.21 0.19 0.20 - 0.01 0.31 0.02 0.20 0.76 - 0.01 1.04 0.79 0.75 0.29 1.01 + 0.01 1.35 1.02 0.97 0.04 0.03 0.03 - 0.01 0.05 0.01 0.02 0.02 0.02 - 0.00 0.04 0.00 0.14 0.14 - 0.01 0.26 0.15 0.14 1.20 1.42 - 0.48 3.50 1.90 1.38 1.01 1.06 - 0.38 2.67 1.39 1.06 0.04 0.12 - 0.01 0.16 0.13 0.10 0.01 0.04 + 0.01 0.07 0.04 0.02 0.02 0.04 - 0.01 0.18 0.04 0.04 9.55 8.41 9.37 + 0.52 12.97 3.44 0.07 0.05 0.07 + 0.01 0.13 0.02 0.07 0.05 0.07 + 0.02 0.35 0.05 0.25 2.24 + 0.12 2.34 2.50 2.12 0.02 0.13 + 0.04 0.16 0.16 0.09 0.03 0.18 + 0.06 0.21 0.21 0.12 0.64 0.44 0.61 + 0.19 0.57 0.10 0.49 0.32 0.46 + 0.14 0.42 0.10 0.01 0.02 - 0.08 0.10 0.10 0.00 0.05 0.13 + 0.01 0.19 0.13 0.11 0.07 0.10 + 0.01 0.18 0.11 0.09 0.01 0.02 - 0.02 0.06 0.04 0.02 0.03 0.10 + 0.03 0.12 0.11 0.07 0.06 0.15 - 0.02 0.31 0.18 0.13 0.16 0.16 - 0.01 0.17 0.16 0.16 0.32 0.47 - 0.02 0.49 0.49 0.47 0.03 0.09 - 0.02 0.21 0.10 0.00 0.03 0.13 - 0.01 0.18 0.13 0.00 0.02 0.00 0.01 + 0.00 1.50 0.00 0.20 0.26 - 0.01 0.56 0.28 0.26 0.15 0.22 + 0.01 0.43 0.22 0.20 2.00 0.29 7.87 + 5.08 5.17 4.80 1.38 3.82 + 0.17 5.99 3.93 3.64 3.66 7.66 + 0.08 7.80 7.76 7.55 0.06 0.11 + 0.01 0.13 0.11 0.09 0.08 0.00 0.08 + 0.00 0.20 0.06 0.08 0.16 + 0.00 0.24 0.16 0.15 0.09 0.19 - 0.02 0.33 0.21 0.18 0.63 1.25 - 0.15 1.55 1.44 1.23 0.47 0.94 - 0.11 1.17 0.98 0.00 0.08 0.36 - 0.01 0.42 0.37 0.34 0.12 0.18 - 0.01 0.38 0.20 0.15 0.03 0.10 - 0.06 0.30 0.15 0.10 0.03 0.07 + 0.02 0.15 0.07 0.05

W-Z

BID-ASK — OCTOBER 17–21, 2016

STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One ABE Resources Acme Res Corp Active Growth Advance Gold Afrasia Mnls Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alternative ER Amanta Res Anglo Pac Grp Arch Coal* Archon Mineral Ardonblue Vent Asbestos Corp Asiamet Res Astur Gold Ateba Res Atlantic Ind Atlatsa Res* Auramex Res BE Res Bearclaw Cap Benz Cap Bethpage Cap BHK Mining Big Wind Cap Bird River Res Black Bull Res Black Mam Mtls BlackEagle Dev Bluenose Gold Boss Power Buccaneer Gold Buffalo Coal Bullman Mnls Cache Expl Cairo Res Canuc Res Carrie Arran Cascade Res Cassidy Gold Cassius Vents Castle Res Celtic Minrls Cerro Mng Chantrell Vent Chieftain Mtls Chimata Gold Chinapintza Mg Cicada Vents Clear Mtn Res Cliffs Nat Res* CMX Gold & Sil CNRP Mng Compliance Egy Cons Westview Crestwell Res Cresval Cap Cricket Res DGS Mnls DV Resources Enfield Expl Era Res Inc European Metal Finlay Minrls Fire River Gol Four River Galore Res

8-10_OCT31_StockTables.indd 10

C V V V V V V C V X C V V V T N V V V V V C V X V V V V V V C C V V C V V V V V V V V V V V V C C V V V V V V V N C C V V C V V C V C V C V V V V

0.10 1.63 0.25 0.25 0.02 0.03 0.02 0.08 0.01 0.03 0.02 0.03 0.05 0.06 0.05 0.10 0.06 0.07 0.06 0.10 0.06 0.08 0.07 0.08 ... 0.01 0.01 0.03 0.10 0.12 0.12 0.23 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.02 ...

0.03 0.03 0.06 0.35 0.06 0.06 0.34 0.37 0.36 0.46 0.01 0.02 0.01 0.56 ...

0.80 1.50 ... ...

0.58 1.42 1.75 1.42 2.10 0.09 0.11 0.09 0.09 0.15 0.30 0.15 0.30 0.04 0.04 0.04 0.08 0.06 0.08 0.08 0.10 ... 0.01 0.01 0.01 0.01 0.03 0.01 0.01 ... ...

0.06 0.45 0.02 0.03 0.02 0.03 ... 0.34 0.35 0.03 0.04 0.03 0.06 0.03 0.04 0.03 0.08 0.06 0.10 0.10 0.10 0.03 0.04 0.03 0.09 0.09 0.15 0.09 0.19 0.04 0.09 0.05 0.07 ...

0.01 0.01 0.07 0.08 0.07 0.13 0.05 0.15 0.05 0.12 0.02 0.03 0.03 0.03 0.17 0.20 0.17 0.03 0.04 0.02 0.04 0.01 0.02 0.02 0.05 0.06 ...

0.06 0.09 0.07 0.10 0.09 0.15 0.35 ...

0.35 0.39 0.23 0.29 0.25 0.27 0.05 ...

0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.03 0.10 0.03 0.05 0.01 0.30 0.20 0.70 ... ...

0.01 0.01 0.03 0.01 0.03 0.09 0.11 0.11 0.19 ... ...

0.05 0.23 0.02 0.02 0.02 0.05 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.82 0.85 0.82 0.99 1.45 3.20 1.43 7.17 0.10 0.10 0.10 0.10 0.01 0.03 0.01 0.01 0.03 0.03 0.03 0.25 0.48 0.70 0.48 0.56 0.04 0.10 0.13 0.04 0.05 0.05 0.06 0.01 0.10 0.01 0.02 0.04 0.09 0.04 0.06 0.03 0.04 0.04 0.06 ... ...

0.01 0.01 0.13 0.33 0.19 0.50 ... 0.01 0.01 0.01 0.03 0.05 0.04 0.09 0.03 0.07 0.09 0.75 0.27 0.35 0.30 0.39 0.02 0.03 0.02 0.04

LOW

STOCK

0.05 0.02 0.02 0.02 0.01 0.01 0.01 0.08 0.16 0.12 0.03 0.01 0.09

GAR Limited C GFM Res V Global Cobalt V God’s Lake Res C Gold Jub Cap V GoldTrain Res C Gonzaga Res V Graniz Mondal V Gravis Energy C Greatbanks Res V Greenshield Ex V Grenville Gold V Greywacke Expl C C Hadley Mng HFX Holding V Highbury Proj V Highvista Gold V Icon Explor V IGC Res V Indigo Expl V Inter-Rock Mnl V Interconnect V V Iron South Mng JDF Explor Inc C Jet Metal V Jiulian Res V Jubilee Gold V Kairos Cap V Karoo Expl V Kazax Mnls V Kestrel Gold V Kitrinor Mtls V La Imperial C Lateral Gold V Libero Mg Corp V Lions Bay Cap V Lovitt Res V Lucky Mnls V Maccabi Vent C MAG Silver* X Mainstream Mnl V Manado Gold V Matachewan Con V Match Capital V Matica Ent C MaxTech Vent C McChip Res V Mega Copper V Metallum Res V Mezzotin Mnrls V Midasco Cap V Millstream Min V Milner Con Slv V Mistango River C Moag Copper C Montana Gold C Morgan Res V Morro Bay V Mountain Lake C Mukuba Res V Nebu Res V Network Expl V New Klondike V Newmac Res V Noble Metal Gr V Norsemont Cap C North Am Ptash V North Am Tung V NRG Metals V NSS Res Inc C Nunavik Nickel V Open Gold V Oroco Res V

0.75 1.30 0.05 0.14 0.02 0.01 0.01 0.01 0.06 0.01 0.02 0.01 0.03 0.03 0.01 0.01 0.04 0.01 0.01 0.02 0.01 0.03 0.03 0.09 0.05 0.05 0.02 0.01 0.01 0.05 0.01 0.06 0.03 0.01 0.01 0.01 0.10 0.98 0.05 0.01 0.03 0.22 0.03 0.01 0.04 0.03 0.01 0.09 0.01 0.03 0.03 0.06 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.02 0.04 0.04 0.05 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08 0.02 ...

0.08 0.08 0.15 0.17 0.15 0.28 0.06 0.20 0.20 0.20 0.04 0.08 0.05 0.06 0.04 0.05 0.04 0.05 0.01 ...

0.01 0.01 0.03 0.05 0.03 0.06 0.08 0.06 0.06 0.10 0.17 0.11 0.18 0.06 ...

0.06 0.06 0.01 0.01 0.01 0.01 0.03 ...

0.05 0.15 0.27 ...

0.27 0.27 ... 0.16 0.17 0.02 0.02 0.02 0.03 0.01 0.02 0.01 0.02 0.03 0.04 0.03 0.04 0.05 0.10 0.03 0.14 0.07 0.17 0.06 0.14 0.24 0.27 0.24 0.28 0.01 0.04 0.01 0.01 0.10 0.10 0.09 0.15 0.03 0.04 0.03 0.05 0.43 0.70 0.63 0.75 0.04 0.07 0.04 0.09 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.04 0.02 0.02 0.02 0.07 0.01 0.02 0.02 0.03 0.05 0.13 0.05 0.08 0.11 0.16 0.14 0.15 0.15 0.16 0.15 0.21 0.04 0.06 0.04 0.04 0.03 0.12 0.03 0.05 0.05 0.08 0.05 0.11 0.06 0.10 0.06 0.14 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.10 0.12 0.11 0.15 0.29 0.38 0.30 0.49 0.01 0.04 0.04 0.04 0.01 0.01 0.01 0.05 0.24 ...

0.24 0.26 0.42 0.58 0.58 0.85 0.05 0.11 0.05 0.05 0.03 0.06 0.12 0.02 0.03 0.02 0.04 0.09 0.16 0.12 0.15 0.04 0.05 0.04 0.16 0.04 0.05 0.04 0.07 0.01 0.03 0.02 0.05 ... ...

0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.03 ... 0.01 0.01 0.01 0.11 0.20 0.11 0.45 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.01 0.01 0.01 0.08 ...

0.10 0.12 0.01 0.02 0.01 0.02 0.25 0.30 0.25 0.31 0.05 0.08 0.04 0.15 ...

0.01 0.01 0.02 0.11 0.11 0.11 0.18 ... ...

0.20 0.20 0.12 0.15 0.12 0.27 0.01 0.01 0.01 0.04 0.05 0.04 0.06

0.01 0.02 0.01 0.01 0.07 0.05 0.01 0.01 0.01 0.01 0.07 0.04 0.01 0.01 0.13 0.01 0.01 0.01 0.02 0.05 0.04 0.01 0.07 0.01 0.30 0.02 0.01 0.01 0.01 0.01 0.01 0.07 0.02 0.01 0.02 0.05 0.06 6.12 0.10 0.21 0.01 0.01 0.05 0.40 0.02 0.01 0.06 0.03 0.02 0.01 0.02 0.01 0.01 0.01 0.10 0.01 0.02 0.05 0.01 0.16 0.03 0.01 0.02 0.20 0.03 0.01

STOCK

Orofino Mnrls Oronova Res Oxford Res Pac Arc Res Pac Cascade Pac Iron Ore Pac Potash Palisades Vent Pan Global Res Peat Res Philippine Mtl Phoenix Gold Phoenix Metals Pinecrest Res Portofino Res Prime Meridian ProAm Expl Pure Nickel Rare Element* Ravencrest Res Razore Rock Res Red Hut Red Rock Enrgy Remington Res Remo Res Rhyolite Res Riley Resource River Wild Exp Romulus Res Rotation Mnls Roughrider Exp Rubicon Mnrls* Saville Res Savoy Vent Scavo Res SG Spirit Gold SGX Res Silvermet Sniper Res Spada Gold Squire Mg Ltd Stone Ridge Ex Strata Mnls Superior Mng Swift Res Talmora Diamd Tearlach Res Telferscot Res Teryl Res Corp Themac Res Thunder Mtn Gd Tiger Intl Tiller Res Tolima Gold Trigen Res Trinity Valley Troy Enrgy Tsodilo Res UC Res United Coal Universal Vent Vanstar Mng Rs Velocity Mnrls Venerable Vent Wabi Expl West Melville Western Troy C Westridge Res Weststar Res Whistler Gold Whitemud Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

V V V V V V V V V V V V V V V V V V X C C V V V V V V C V V V X V V C V V V V V C C V V V C V C V V V V V V V V V V V C V V V V C V V V C V V V V

0.06 0.09 0.09 0.25 0.05 0.10 0.04 0.08 0.02 0.03 0.03 0.11 0.15 0.13 0.50 0.01 0.02 0.01 0.02 0.20 0.35 0.25 0.35 0.03 0.03 0.03 0.07 0.06 0.07 0.06 0.08 0.04 0.05 0.04 0.08 0.03 0.04 0.03 0.07 0.04 0.05 0.04 0.18 ... 0.01 0.01 0.01 0.19 0.20 0.21 0.21 0.19 0.22 0.21 0.30 0.09 0.11 0.09 0.12 0.12 0.15 0.14 0.18 0.02 0.03 0.02 0.02 0.02 0.02 0.02 0.04 0.11 0.16 0.15 0.89 0.01 ...

0.02 0.02 0.01 0.04 0.04 0.08 0.09 0.11 0.09 0.29 0.01 0.01 0.01 0.03 0.07 0.10 0.07 0.07 0.09 0.15 0.09 0.10 0.23 0.35 0.23 0.27 0.05 ...

0.13 0.13 0.01 ...

0.01 0.01 0.11 0.20 0.11 0.17 0.25 0.30 0.30 0.30 0.06 0.08 0.07 0.15 ... ...

0.03 1.35 0.03 0.04 0.02 0.05 ... ...

0.16 0.36 0.57 0.36 0.54 0.11 ...

0.09 0.13 0.02 0.02 0.02 0.05 0.03 0.04 0.03 0.06 0.01 0.01 0.01 0.07 0.21 0.60 0.21 0.60 0.11 0.17 0.16 0.19 0.08 0.19 0.10 0.17 0.01 0.02 0.01 0.05 0.01 0.01 0.01 0.01 0.20 0.24 0.25 0.25 0.01 0.05 0.05 0.05 0.08 0.15 0.08 0.16 0.01 0.01 0.01 0.05 0.01 0.02 0.02 0.02 0.05 0.05 0.05 0.10 0.10 ...

0.16 0.23 0.09 0.24 0.10 0.20 0.04 0.05 0.04 0.07 0.01 0.02 0.01 0.03 0.08 0.15 0.11 0.11 0.02 0.02 0.02 0.04 0.02 0.05 0.02 0.05 0.69 0.80 0.80 0.90 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ...

0.45 0.06 0.07 0.06 0.10 0.18 0.22 0.18 0.19 0.01 0.04 0.02 0.15 0.08 0.14 0.08 0.10 0.28 0.37 0.30 0.45 0.02 0.03 0.02 0.05 0.01 0.03 0.01 0.02 0.04 0.06 0.06 0.06 0.03 ...

0.02 0.02 0.01 0.01 0.01 0.03 0.08 0.12 0.08 0.10 0.05 0.07 0.05 0.08

0.06 0.04 0.05 0.01 0.15 0.03 0.05 0.01 0.01 0.01 0.01 0.02 0.03 0.06 0.05 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.02 0.05 0.09 0.10 0.01 0.07 0.02 0.05 0.03 0.01 0.26 0.05 0.01 0.03 0.01 0.20 0.10 0.08 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.08 0.08 0.01 0.01 0.03 0.01 0.01 0.50 0.01 0.03 0.06 0.05 0.03 0.08 0.01 0.01 0.02 0.01 0.01 0.05 0.01

2016-10-25 6:27 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 31–NOVEMBER 6 2016

11

Corex gets vote of confidence from Alamos | Alamos buys 19% of Corex for $2.5M

BY SALMA TARIKH starikh@northernminer.com

Corex Gold (TSXV: CGE) has finalized a strategic investment from Alamos Gold (TSX: AGI; NYSE: AGI). Corex’s f lagship wholly owned Santana gold property sits 50 km southeast of Alamos’ Mulatos gold mine in Mexico’s Sonora state.

On Oct. 21, Alamos bought 25.3 million Corex shares at 10¢ apiece, representing 19.1% of the junior.

In a release, Alamos’ CEO John McCluskey describes Corex as an “attractive exploration opportunity,” given its “favourable geology and proximity to the Mulatos mine.” He adds the company made the purchase for investment purposes and may adjust it based on market conditions.

In an interview, Corex’s CEO Craig Snider says Alamos has “knowledgeable people and key individuals that have had a ton of success in Mexico over a number of decades that see this as a large opportunity.” Alamos also operates the El Chanate gold mine in Sonora and the Young-Davidson gold mine in Ontario.

He speculates that if the nearproduction Santana project generates positive cash flow, it could lead to a takeover.

In early September, Corex received its final permit at Santana to build a heap leach gold operation and pilot plant. It is planning small-scale production in the “next few months” so that it can produce cash flow for exploration and operation ramp-up. It has already prepaid most of the construction, Snider says.

The project has an interna l resource estimate that Snider hasn’t disclosed, since it’s not National Instrument 43-101 compliant. However, he reveals that the property has seen more than $10 million of exploration and 32,000 metres of drilling since Corex acquired it in 2008.

After buying the untested property, the junior discovered the Benjamin, Nicho and Nicho North zones. Open-pit heap-leach production will start at Nicho North.

Vale (NYSE: VALE) also drilled a bit on the property under an option agreement that it ended in early 2014.

Undeterred by Vale’s departure, Corex continued exploring the 7.7 sq. km property. “The potential size and nature of the property could host considerable ounces of gold near-surface,” Snider says.

He recalls that he met Chester Millar — an advisor to Santana’s current operator, H Morgan & Co. (HMC) — in 2008. Millar, who founded Alamos and several other gold firms, expressed interest in financing and managing Santana.

But those talks stalled with the market downturn, before resuming in 2014. HMC formed a partnership with Corex in June that year.

As part of the recent equity raise, Corex issued 3 million shares to certain members of its management and 6.1 million shares to HMC, all priced at 10¢ per share.

As a result, it raised a total $3.4 million, including Alamos’ portion. Management owns 8% of

1 2 3 4 5 11 13 14 15 16_OCT31_Ma n ndd 11

A hau oad unde deve opmen a Co ex Go d s San ana go d p o ec

CO

GO D

UNDETERRED BY VALE’S DEPARTURE, COREX CONTINUED EXPLORING THE 7.7 SQ. KM PROPERTY, 50 KM SOUTHEAST OF ALAMOS’ MULATOS GOLD MINE IN MEXICO. Corex, while HMC holds a 17.8% interest.

The junior plans to spend mo s t of t he mone y on e xplor i ng Sa nt a na . It is a l so using the funds to pay off its

$300,000 debt.

Meanwhile, Goldcorp (TSX: G; N YSE: GG) is exploring Corex’s Zuloaga property in Mexico’s Zacatecas state under an option agreement. TNM

A each pad unde cons uc on a Co ex Go d s San ana go d p o ec n Mex co

CO

GO D

Trusted provider of global mining & exploration intelligence since 1915.

100 Years

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Commentary

Rainforest reclamation done right in Brazil $3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915

Barrick investors revolt against $11.9m bonus

Maiden Ag Resource Due Q2 Strong Cash Position TSX.V: GRG www.goldenarrowresources.com

THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com

By Gwen Preston in vancouver and trish saywell in toronto

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion MEXICdollar overrun at its O flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, 4 20 changed its11-15 chief executive officer and seen its share price sliced in half.

So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million.

The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record.

“This compensation is inconsistent with the governance principle of pay-for-performance the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada. and is therefore disproportionate setstheawestern troubling preceSleeper was one of the lowest-cost Sleeperand lies within Site ViSit gold mines in the world, and Para- reaches the northern Nevada capital mardentof in Canadian mount believes the old mine has a rift, specifically along the SlumBy matthew keevil kets,” the consists group said in a bering Hills, which of WINNEMUCCA, NEV. — For Nev- robust future.

Sipping coffee inside Para- Mesozoic meta-sedimentary rocks ada-based explorer Paramount statement. As a group these funds Gold and Silver (PZG-T, PZG-X), mount’s headquarters in the min- of the Auld Lang Syne group and granitic intrusions. there’s a lot to be said for making ing town of Winnemucca, vice- Cretaceous collectively manage over $900 something old new again. In mid- president of exploration Glen van Mineralization at Sleeper falls into billion in assets. main categories, including: 2010 the company picked up the Treek, who joined Paramount four

Commentary

Rainforest reclamation done right in Brazil $3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915

and trish saywell in toronto

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11-15

Capital’s

Ana Paula

gold project

in Mexico’s

Four muy silver stockcaliente picks

But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24.

“I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.”

Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers.

“We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter.

Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna.

The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide.

Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees.

“We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform See EdGEwatEr, Page 18

Guerrero

gold belt.

How Mexico mantle as a top reclaimed its mining nation April 29-May

BY ALISHA

To discern HIYATE the winners crowded Price target: field from holding of companiesa (Campbell) $3.55 (Doulis); mines projects and development $4.25 Rating: Miner in Mexico, The SpeculativeOutperform asked Northern (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent

price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Both analysts Securities, country. best stock picked nior SilverCrest bets in resilient the SVLC-X) While juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the picks will they believe open-pit, Santa mine in northwest Elena gold-silver their companies.outperform state into their peer Mexico’s production Sonora This year, in July SilverCrest 2011. churn out SilverCrest Mines expects Analysts: 2.4 million silver (579,000 Christos equivalent to cap Securities; Doulis, oz. silver oz. gold) oz.

StoneNicholas and 33,500 Canaccord per oz. at a cash cost Campbell, Genuity silver, of US$8.50 with production creasing to 4.6 million inSee STOCK equivalent PICKS,

Edgewater uncovers gold at Corcoesto in Galicia

LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years.

Now Edgewater stands poised on the development threshold, having pulled together a gold re-

El Tigre Silver Sees a bright future in old tailings

Endeavour Bradford Silver’s shares his Cooke recipe

Barrick investors revolt against $11.9m bonus

By Gwen Preston in vancouver

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its chief executive officer and seen its share price sliced in half.

So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million.

The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record.

“This compensation is inconsistent with the governance principle of pay-for-performance and is therefore disproportionate and sets a troubling precedent in Canadian capital markets,” the group said in a statement. As a group these funds collectively manage over $900 billion in assets.

5, 2013

NEWSTRIKE

CAPITAL

Page 14

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico.

BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — any other is excellent, Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that At least leads this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern capturing consums up sat down two mines Peter Mexican (FVI-T, total an idea into Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of the silver of how with Cooke to erations large and profitable a rural ton, working after in just per; and Mining (CS-T),silver; kid from get cades, explorationnon-ferrous op- izingAlta., became eight With the $21.5 billion. despite almost four Hina leader cop(AEM-T, Agnico-Eagle budget purchase years.

Mexico’s derelated derachieving in revitalAEM-N), of said violence frequent drugMines Mining silver sector. of a third protests. and companies gold — they are mine, un- ‘I plans to pected Endeavour have Megaw, anti-mining repeat got hooked’ panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s of So how land packages.

Uniologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chamsuch success? mergers Mexico tions been instrumental Ge- discovery near-term metal such demand geology and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several cracked v e r p r o d u in the Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. with silver producing Mining’s of top-10, a n d de- Resources His colleagues takeover See ENDEAVOUR, goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security N) bestingMines (CDM-T,Coeur year, have fallen Although it. Mexico risk First CDEsilver hard (FR-T, attracted US$30 was tradingthis AG-N) Majestic Silver in Silver US$1,657per oz. and at (OK-V). its bid for Orko gold And more per oz.

2012, compared at the end at M&A of to US$17 See MEXICO, and

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13-04-24

5:28 PM

Photo by MAtthew Keevil

past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

B2Gold hits new gold at developing Otjikoto mine

By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals.

And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation.

Otjikoto sits 300 km north of the Namibian capital of Windhoek.

The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014.

Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year.

Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit.

Using historic data and a few drill See B2GoLd, Page 3

But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24.

“I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.”

Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers.

“We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3

early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels.

During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially

Edgewater uncovers gold at Corcoesto in Galicia

4

Pages Newstrike

Site ViSit

By matthew keevil

LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years.

Now Edgewater stands poised on the development threshold, having pulled together a gold re-

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter.

Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna.

The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide.

Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees.

“We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform

MEXICO

11-15

Capital’s

Ana Paula

gold project

in Mexico’s

Four muy silver stockcaliente picks Guerrero

STOCK

PICKS,

TSX-V:RRI

How Mexico mantle as a top reclaimed its mining nation April 29-May

5, 2013

NEWSTRIKE

CAPITAL

11-15

SilverCrest

Mines Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity

Endeavour Bradford Silver’s shares his Cooke recipe

Knowledge is Golden™ www.rivres.com

gold belt.

BY ALISHA

To discern HIYATE the winners crowded Price target: field from holding of companiesa (Campbell) $3.55 (Doulis); mines projects and $4.25 Rating: in Mexico, development Miner The Northern SpeculativeOutperform asked (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Both analysts Securities, country. best stock picked nior SilverCrest bets in resilient the While SVLC-X) juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the picks will they believe open-pit, Santa mine in their northwest Elena gold-silver companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See

20

Page 14

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico.

BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — any other is excellent, Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that At least leads this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern capturing consums up sat down two mines Peter Mexican (FVI-T, total an idea into with Cooke Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of the silver of how erations large and profitable to a rural ton, working after in just per; and Mining (CS-T),silver; kid from get cades, explorationnon-ferrous op- izingAlta., became eight With the $21.5 billion.

Hindespite almost four copa leader (AEM-T, Agnico-Eagle budget Mexico’s purchase years. derelated derachieving in revitalAEM-N), of said violence frequent drugMines Mining silver sector. of a third protests. companies and gold — they are mine, un- ‘I plans to pected Endeavour have Megaw, anti-mining repeat got hooked’ panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s of So how land packages.

Uniologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chamsuch success? mergers Mexico tions been instrumental Ge- discovery near-term metal such demand geology and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several cracked v e r p r o d u in the Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. with silver producing Mining’s of top-10, a n d de- Resources His colleagues takeover See ENDEAVOUR, goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security N) bestingMines (CDM-T,Coeur year, have fallen Although it. Mexico risk First CDEsilver hard (FR-T, attracted US$30 was tradingthis AG-N) Majestic Silver in Silver US$1,657per oz. and at (OK-V). its bid for Orko gold per oz.

And more 2012, compared at the end at M&A of to US$17 See MEXICO, and

paramount orchestrates a golden revival at Sleeper An Evolution

in High-Grade

Silver

ExcellonResources.com

• Mexico’s Highest Grade Producer • Low Net Cash Costs 800+ g/t Ag $5-7/oz • Optimizing net of by-products Production • CRD/Source-Style Increase Cash Flow and Grow Discovery Mine Life 55M@130 Opportunity g/t

Mexico’s

• Market Excellon

TNM April

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street,

Valued

Suite 900,

Ag; 3.11%

Discovery

Toronto,

Ontario,

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

Canada

Highest

Producer

Maiden Ag Resource Due Q2 Strong Cash Position TSX.V: GRG www.goldenarrowresources.com

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

11

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

Commentary

Rainforest reclamation done right in Brazil

and trish saywell in toronto

But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24.

“I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.”

Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers.

“We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3

El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

By matthew keevil

WINNEMUCCA, NEV. — For Nevada-based explorer Paramount Gold and Silver (PZG-T, PZG-X), there’s a lot to be said for making something old new again. In mid2010 the company picked up the past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

B2Gold hits new gold at developing Otjikoto mine

By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals.

And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation.

Otjikoto sits 300 km north of the Namibian capital of Windhoek.

The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014.

Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year.

Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit.

Using historic data and a few drill

Site ViSit

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter.

Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna.

The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide.

Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees.

“We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform

By matthew keevil

See EdGEwatEr, Page 18

in Mexico’s

STOCK

Excellon

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street,

PICKS,

in High-Grade

Valued

Suite 900,

Ag; 3.11%

Discovery

Toronto,

Ontario,

Guerrero

TSX-V:RRI

Knowledge is Golden™ www.rivres.com

gold belt.

How Mexico mantle as a top reclaimed its mining nation April 29-May

5, 2013

NEWSTRIKE

CAPITAL

11-15

Page 14

Silver

ExcellonResources.com

Mexico’s

Highest

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

Canada

11

Producer

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.

Site ViSit By matthew keevil

WINNEMUCCA, NEV. — For Nevada-based explorer Paramount Gold and Silver (PZG-T, PZG-X), there’s a lot to be said for making something old new again. In mid2010 the company picked up the past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals.

And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation.

Otjikoto sits 300 km north of the Namibian capital of Windhoek.

The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions.

Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels.

During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years.

Now Edgewater stands poised on the development threshold, having pulled together a gold re-

gold project

Endeavour Bradford Silver’s shares his Cooke recipe

An Evolution

• Mexico’s Highest Grade Producer • Low Net Cash Costs 800+ g/t Ag $5-7/oz • Optimizing net of by-products Production • CRD/Source-Style Increase Cash Flow and Grow Discovery Mine Life 55M@130 Opportunity g/t

• Market

TNM April

Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future.

Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

B2Gold hits new EdgewaterPhoto uncovers

by MAtthew Keevil gold at developing Otjikoto mine in Galicia

Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future.

Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

Ana Paula

BY ALISHA

SilverCrest

Mines Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity

paramount orchestrates a golden revival at Sleeper

gold at Corcoesto the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.

Site ViSit

MEXICO

11-15

Capital’s

Four muy silver stockcaliente picks

To discern HIYATE the winners crowded Price target: field from holding of companiesa (Campbell) $3.55 (Doulis); mines projects and development $4.25 Rating: Miner in Mexico, The SpeculativeOutperform asked Northern (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Both analysts Securities, country. best stock picked nior SilverCrest bets in resilient the While SVLC-X) juthe analysts’ Mines have all as one price Mexico-focused of their (SVL-V, because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the picks will they believe open-pit, Santa mine in their northwest Elena gold-silver companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See

20

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico.

BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — is excellent, any other Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely With theseis delicious.” a big part Godfrey Walaccording a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that leads At least this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern concapturing sums up sat down two mines Peter Mexican (FVI-T, total an idea into with Cooke Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of silver of erations large and profitable the per; to get Mining silver; ton, Alta., how a rural kid working after in just explorationnon-ferrous cades, and (CS-T), eight opfrom Hinbecame With the $21.5 billion. despite almost four izing Mexico’s a leader cop(AEM-T, Agnico-Eagle budget purchase years. derelated derachieving in revitalof said AEM-N), violence frequent drugMining of a third silver sector.

Mines protests. and companies gold — mine, they are un- ‘I plans to pected Endeavour Megaw, anti-mining have got hooked’ repeat panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand with its The attraction MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordThe marketsat Queen’s is partly of So how land packages.

Uniologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in such success? chammergers Mexico tions been instrumental Ge- discovery near-term metal such demand geology and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several in the cracked v e r p r o d u Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. silver with producing Mining’s deof top-10, a n d His colleagues See ENDEAVOUR, Resources takeover goldfirst time countries must agree of Cerro in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security Although have N) bestingMines (CDM-T,Coeur it. Mexico fallen year, risk First CDEsilver hard (FR-T, attracted U S$30 was tradingthis AG-N) Majestic Silver in Silver per oz.

US$1,657 (OK-V). its bid for Orko at a And more per oz. nd gold 2012, M&A compared at the end at of to US$17 See MEXICO, and

Barrick investors revolt against $11.9m bonus

By Gwen Preston in vancouver

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its chief executive officer and seen its share price sliced in half.

So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million.

The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record.

“This compensation is inconsistent with the governance principle of pay-for-performance and is therefore disproportionate and sets a troubling precedent in Canadian capital markets,” the group said in a statement. As a group these funds collectively manage over $900 billion in assets.

THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com

5:28 PM

$3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915

See ParaMount, Page 2

PM40069240 – PAP Registration #09263

THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com

El Tigre Silver Sees a bright future in old tailings

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014.

Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year.

Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit.

Using historic data and a few drill See B2GoLd, Page 3

5:28 PM

Photo by MAtthew Keevil

Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions.

Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels.

During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially

Maiden Ag Resource Due Q2 Strong Cash Position TSX.V: GRG www.goldenarrowresources.com

Commentary

Rainforest reclamation done right in Brazil $3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915

Barrick investors revolt against $11.9m bonus

THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com

El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

MEXICO

11-15

Capital’s

Ana Paula

gold project

in Mexico’s

Four muy silver stockcaliente picks Guerrero

STOCK

PICKS,

TSX-V:RRI

How Mexico mantle as a top reclaimed its mining nation April 29-May

5, 2013

NEWSTRIKE

CAPITAL

11-15

SilverCrest

Mines Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity

Endeavour Bradford Silver’s shares his Cooke recipe

Knowledge is Golden™ www.rivres.com

gold belt.

BY ALISHA

To discern HIYATE the winners crowded Price target: from field holding of companiesa (Campbell) $3.55 (Doulis); mines projects and $4.25 Rating: in Mexico, development Miner The Northern SpeculativeOutperform asked (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Securities, Both analysts country. best stock picked nior SilverCrest bets in resilient the While SVLC-X) juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the they believe picks will open-pit, Santa mine in northwest Elena gold-silver their companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See

20

Page 14

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN state, Mexico. is

BY GWEN litically, support for VANCOUVER PRESTON more exploration mining the MAG SILVER pothe people geology is CEO of — As founder any other Endeavour spending Endeavour are incrediblyexcellent, and the and T, EXK-N), president try in 2012,Latin American than food Silver ton are friendly is likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDRcounto come. based Earlier producers SNL Metals to Halifaxsuperlatives, that At least leads this year, of the answer. sulting small, Group, geologist Miner sat — Fortuna three defunct has turned Mines Economics capturing contwo mines down withThe Northern sums up why Peter Mexican (FVI-T, total an idea into Megaw Capstone worldwideabout 6% of FSM-N), Silver Cooke he silver of erations large and profitable the metals to get in Mexico after is still working ton, Alta., how a rural kid in just per; and Mining (CS-T),silver; explorationnon-ferrous almost from Hin- cades, despite became opeight With the $21.5 billion. izing Mexico’s four dea leader cop(AEM-T, Agnico-Eagle budget purchase years. in revital- related violence frequent derachieving of silver sector.

Mining of a third said they AEM-N), gold Mines drugprotests. companies and unmine, plans to pected — have are considering Endeavour ‘I got Megaw, anti-mining repeat panding to invest were International hooked’ potentially the process president Mexico $7.6 billion exexects in their portfolio in — and In 1976, Cooke Exploration Development of silver majorattract the attention Mexico. what they 2012, more than in of projwas of a B.Sc. and co-founderand The attraction with its MAG of a in geology in his final year and high-potential ing to the spent in 2010, double Silver growing result at Queen’s output versity. The is an expert (MAG-T, Mexican of accordis partly of So how ber. Recent land packages. markets Uniologists mining the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chammergers such success?

Mexico tions been instrumental Gemetal geology such demand and acquisitop s achieve near-term grads ( is the discovery Bradford il includedM & A ) a c t world’s that job offers were Cooke of several cracked v e r p r o d u in the posits Primero i v i t y h a s and at Christmas.flooded with cer (P-T, PPP-N) the list there. silver producing Mining’s of top-10, a n d deHis colleagues See ENDEAVOUR, Resources takeover goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security Although have N) bestingMines (CDM-T,Coeur it. Mexico fallen yea r, risk First CDEsilv er hard (FR-T, attracted this US $ 3 0 wa s tra AG-N) Majestic Silver in Silver ding US$1,657p er oz. an (OK-V). its bid for Orko d go ld a t And more per oz.

2012, M&A compared at the end at of to US$17 and See MEXICO,

paramount orchestrates a golden revival at Sleeper An Evolution

in High-Grade

Silver

ExcellonResources.com

• Mexico’s Highest Grade Producer • Low Net Cash Costs 800+ g/t Ag $5-7/oz • Optimizing net of by-products Production • CRD/Source-Style Increase Cash Flow and Grow Discovery Mine Life 55M@130 Opportunity g/t

Mexico’s

• Market Excellon

TNM April

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street,

Valued

Suite 900,

Ag; 3.11%

Discovery

Toronto,

Ontario,

Highest

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

Canada

11

Producer

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

5:28 PM

By Gwen Preston in vancouver and trish saywell in toronto

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its chief executive officer and seen its share price s

See ParaMount, Page 2

the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.

PM40069240 – PAP Registration #09263

Site ViSit By matthew keevil

WINNEMUCCA, NEV. — For Nevada-based explorer Paramount Gold and Silver (PZG-T, PZG-X), there’s a lot to be said for making something old new again. In mid2010 the company picked up the past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

Edgewater uncovers gold at Corcoesto in Galicia Site ViSit

By matthew keevil

LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years.

Now Edgewater stands poised on the development threshold, having pulled together a gold re-

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter.

Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna.

The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide.

Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees.

“We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform See EdGEwatEr, Page 18

Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future.

Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

B2Gold hits new gold at developing Otjikoto mine

By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals.

And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation.

Otjikoto sits 300 km north of the Namibian capital of Windhoek.

The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014.

Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year.

Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit.

Using historic data and a few drill

Photo by MAtthew Keevil

Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions.

Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels.

During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially See ParaMount, Page 2 PM40069240 – PAP Registration #09263

See B2GoLd, Page 3

See ParaMount, Page 2 PM40069240 – PAP Registration #09263

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2016-10-25 1:09 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 31–NOVEMBER 6 2016

13

Noront sheds light on Ring of Fire’s untapped potential GEOLOGY

| Ontario’s Ring of Fire metal district is in a class of its own, Noront says

BY LESLEY STOKES

T

lstokes@northernminer.com VANCOUVER

he greenstone belt that hosts the nickel-copper-platinum group metal (PGM) and chromite deposits in northern Ontario’s Ring of Fire camp, 540 km northeast of Thunder Bay, is unique compared to other regions in Canada, says Noront Resources’ (TSXV: NOT) president and CEO Alan Coutts.

“In our case we have a typical greenstone belt, but we also have this large, layered ultramafic intrusion complex and iron formations abutting it. So it had all the right things going on to create the diversity of deposits we see there today,” he tells The Northern Miner in an interview.

Coutts says the similar belts elsewhere in Ontario and Quebec are less known for their magmatic copper-nickel, PGM and chromium deposits, which include examples such as Balmoral Resources’ Grasset copper-cobalt-PGM deposit in northern Quebec, the Raglan nickelcopper-PGM belt in northernmost Quebec, and some in Ontario’s Timmins district.

He says the age of the greenstone belts plays a role in the genesis of the magmatic-style deposits.

During the Archean eon, 4 billion to 2.5 billion years ago, temperatures on earth were still hot enough to drive deep-seated, high-magnesium melts — otherwise known as “ultramafics” — into higher levels of the earth’s crust without cooling rapidly, as they might today.

These melts, which contained a high amount of dissolved metals, would devour sulphur-rich country rocks during their ascent. Once sulphur was saturated in the melt, it would separate out of the magma — much like oil does in water — and absorb the dissolved metals.

When the magma flow slowed, the droplets of sulphur containing the heaviest metals would settle onto the base of the intrusion or flow, and then cool to form layers of massive sulphides, whereas the drops that weren’t heavy or large enough to sink before the magma crystallized ended up cooling in place.

Magmatic-style deposits often have horizons of massive sulphides that grade upwards into less dense, nettextured sulphides before ending in a horizon of disseminated sulphides.

Coutts points out that later deformation can tilt and truncate the rock package, whereas metamorphism or later-stage hydrothermal fluids can remobilize the sulphides into different parts of the crust.

In the Ring of Fire, the prospective ultramafic rocks are buried under lakes, bogs and younger rocks, making them hard for explorers to find.

But in regional geophysical data, they pop out as a distinct, horseshoeshaped magnetic anomaly that runs 60 km in diametre along the margin of a large granitic batholith.

The resource industry became interested in the region in 2002, shortly after De Beers drilled into volcanogenic massive sulphide (VMS) mineralization near McFaulds Lake while testing magnetic anomalies for suspected kimberlite material.

By 2003, exploration had outlined six more VMS deposits, but the first staking rush in the region began in 2007, after Noront discovered nickel-copper-platinum-palladium mineralization at its flagship Eagle’s Nest deposit.

In 2008, three high-grade chromite ore zones — Blackbird, Black Thor

1 2 3 4 5 11 13 14 15 16_OCT31_Main .indd 13

A welder working at Noront Resources’ Esker exploration camp in Ontario’s Ring of Fire region. NORONT RESOURCES

“USUALLY THESE MAGMATIC NICKELCOPPER DEPOSITS OCCUR IN CLUSTERS ... WE EXPECT MORE THAN JUST ONE DEPOSIT.”

CAREER OPPORTUNITIES

ALAN COUTTS PRESIDENT AND CEO, NORONT RESOURCES

and Big Daddy — were discovered along a 14 km long strike length from Eagle’s Nest.

The deposits occur within different parts of the regionally trending ultramafic package.

At Eagle’s Nest, mineralization occurs as a pipe-like body 200 metres in width and up to several tens of metres thick, and at least 1.7 km deep, within a north-trending, subvertical komatiitic dyke. (Komatiites are a type of ultramafic rock.)

The deposit hosts proven and probable reserves of 11.1 million tonnes of 1.7% nickel, 0.9% copper, 0.89 gram platinum per tonne, 3.09 grams palladium per tonne and 0.18 gram gold per tonne. Inferred resources stand at 9 million tonnes of 1.1% nickel, 1.14% copper, 1.16 grams platinum, 3.49 grams palladium and 0.3 gram gold.

In contrast, the nearby chromite deposits occur as flat-lying bodies, formed where the melt, rising as a plume from dykes below, pooled horizontally into a sedimentary package of banded ironstones. According to Noront’s technical report, the ironstones may have supplied the

magma with enough sulphur to trigger precipitation of the metals.

Total chromite resources in the Ring of Fire have been pegged at 343 million tonnes, ranging from 23% to 38% chromium oxide, assuming a cut-off between 20% and 30% chromium oxide.

Noront has consolidated control over 75% of the staked claims in the region, and Coutts believes exploration in the Ring of Fire is still in its early stages.

“I’ve worked in a lot of nickelcopper districts during my career — Western Australia, Raglan, Sudbury basin — and usually these magmatic nickel-copper deposits occur in clusters,” he says. “So we’re pretty excited to explore there because we expect more than one deposit.”

He also sees potential for the region to host more orogenic gold and VMS deposits similar to ones found elsewhere in Ontario and Quebec.

For more on the topic, please read, The geology behind Ontario’s worldclass metal deposits, (T.N.M., Sept.

19–25/16) and The geology behind Quebec’s world-class metal deposits, (T.N.M., Sept. 26–30/16). TNM

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OCTOBER 31–NOVEMBER 6, 2016 / THE NORTHERN MINER

The plant at Luna Gold’s past-producing Aurizona gold mine in Brazil, 320 km from Sao Luis in Maranhao state. LUNA GOLD

New execs hope to turn around Luna Gold LUNA From 1

looking for something that was undervalued in the current market,” Christian Milau, Luna Gold’s new president and CEO, said during a corporate presentation in September at the Precious Metals Summit in Beaver Creek, Colorado. “A lot of share prices have run up, as we all know this year, and we were looking for the next opportunity.”

“This one really had what I called its hair and warts on it, and really needed to be fixed,” Milau continued. “But underlying that we felt it was a really good asset and that was the crux of our interest. We felt very similar when we looked at True Gold a couple of years ago.”

The former CEO of True Gold joined Luna Gold in August, along with other members of the True Gold team, including David Laing, chief operating officer; Peter Hardie, chief financial officer; Scott Heffernan, vice-president of exploration; and Sebastian D’Amici, vice-president of finance.

Luna Gold’s new leadership team says it can turn Aurizona around, too, much as it did Karma, a stalled construction project that it took through to production in just 14 months. (Milau and Laing were also among the original executives at Endeavour Mining, where they both spent five and a half years, during which the company ascended from an 80,000 oz. gold a year producer in Burkina Faso to one churning out over 500,000 oz. gold per year from a portfolio of mines across West Africa.)

Milau says he’s excited about his new assignment.

“We finished at True Gold in May and this one found us,” Milau says of Luna Gold and its Aurizona mine in Brazil’s northeastern state of Maranhao. “We were looking to invest some of our own money and this opportunity came up.”

One of the key things for Milau and the rest of the team is that they put in about $2.3 million of their own funds in August.

“We wanted to find an opportunity where we could be aligned with shareholders,” he said. “That shows real commitment — not everyone puts direct money in.”

Since then, Luna Gold has released a prefeasibility study (PFS) on restarting the Aurizona gold mine, which Milau and his colleagues hope to accomplish during the first half of 2018. The next step is to complete a feasibility study before the end of the first quarter of 2017.

According to the PFS released on Sept. 12, Aurizona could be in production for US$146 million, which includes a new mine fleet.

1 2 3 4 5 11 13 14 15 16_OCT31_Main .indd 14

Life-of-mine sustaining capital is an estimated US$47 million.

The study envisions the mine could produce 150,000 oz. gold a year during the first five years at all-in sustaining costs of US$708 per oz., and cash costs of US$606 per oz. gold. Payback would come in 2.6 years. Construction would take 18 months.

Aurizona has proven and probable reserves of 969,000 contained oz. gold in 18.6 million tonnes grading 1.62 grams gold per tonne, enough to sustain a 6.5-year mine life (at US$1,250 per oz. gold). Inclusive of reserves, Aurizona’s measured and indicated resource stands at 1.6 million contained oz. gold in 29.9 million tonnes at a grade of 1.67 grams gold.

And while the mine life is quite short, Milau conceded, this “didn’t concern us, because we thought the underlying area and project could have district-scale potential.”

The PFS outlines an after-tax net present value at a 5% discount rate of US$201 million and a 34% after-tax internal rate of return at a US$1,250 per oz. gold price. Those figures rise to US$256 million and 41%, at US$1,350 per oz. gold.

“The reason the IRRs are quite high and quite attractive is that the initial capex is quite low at US$150 million, and that includes the full refurbishment of the mining fleet,” Milau says. “We don’t need to build everything. We have got a brownfield site with a lot of infrastructure there we can capitalize on.”

The new mine plan continues primary mining in the Piaba open pit, deepening the pit and mining harder rock types, which will be amenable to treatment in an upgraded processing plant. The plan also envisions early mining of Boa Esperanca, a smaller pit 1 km southeast of Piaba, which when mined out will be used for water storage.

Milau is the first to admit that many people questioned his decision to join the company, and not all shared his optimistic view of its prospects.

“The project has had its history,” he said, explaining that the processing plant had not been built to handle hard rock — it had been built to handle the soft saprolite.

“There was a bit of a misunderstanding of how much soft rock was there, and the plant sort of ground to a halt with the gold price falling,” he says. “Cash funds being quite short, ultimately, it was not prepared to handle that hard rock, which came up sooner than planned.”

He also pointed out that a previous management team that led the company from early 2015 had done a lot of work to put the open-pit

“WE WERE LOOKING TO INVEST SOME OF OUR OWN MONEY, AND THIS OPPORTUNITY CAME UP.” CHRISTIAN MILAU PRESIDENT AND CEO, LUNA GOLD

operation back into production, including undertaking 15,000 metres of oriented core drilling, 3,000 metres of RC drilling and re-logging of historic core, with the plan to get a feasibility study done based on a better understanding of the rock.

Drilling and metallurgical testwork programs last year helped develop a stronger technical foundation and advanced the team’s understanding of the geology, alteration, weathering, structure and metallurgy, and their controls on gold mineralization, processing and recoveries, Milau noted.

The mining executive said the company that consolidated the PFS, Lycopodium Minerals Canada, was the same group that Luna Gold’s current management team had worked with during its last two to three mine builds in Africa.

“They really understand this type of region and the type of material we are dealing with,” Milau said, adding that “when you’re standing in Ivory Coast you feel like you’re in Brazil, except it’s probably 10 to 20 years earlier in terms of exploration.

“You just look at all this open area — it’s really underexplored versus West Africa at this stage,” he continued. “Brazil is a big place … it has a lot of opportunities.”

Luna Gold plans to upgrade the processing plant to 8,000 tonnes per day.

“We have permits to operate at 6,000 tonnes per day, so this is not a brand-new permit,” Milau noted, adding that the existing Vene tailings storage facility on the property is also permitted. Luna Gold plans to expand the capacity at Vene in three lifts (the first before the restart of the process plant, the second two years later and a third two years after that.) Tailings facility construction

will start in year four.

The upgraded processing plant will use conventional gravity concentration and leach/CIP cyanidation. The design includes a new comminution circuit that will treat all ore types and consist of a primary jaw crusher, SAG mill, ball mill and pebble crusher. Installations will also include an intensive leach reactor, a hybrid leach/carbon-inpulp circuit, pressurized elution, carbon regeneration kiln, upgraded hydro-cyclones, three more leach tanks and partly installed, high-rate thickeners.

Milau estimated the company will have to undertake $2.5-million worth of more work to complete the feasibility study, including a bit of infill drilling, some geo-tech work and an assessment of the water management plan.

“There are three metres of water there a year, so it’s really important we understand that,” Milau said.

“David and I had a good experience recently in West Africa, with big rainfalls and building a mine site and, really, you have got to get that water management plan in place early.”

To handle rock material, the company needs to build the front end of the plant. It needs a primary crusher, a SAG mill, a ball mill and a pebble crusher. The project will need a few more leach pads, as well, to improve gold recoveries.

The fleet will be replaced, and Milau expects that the company will lease some of that. There is already power to site, but the substations need to be upgraded.

“There’s reliable and good power there,” he said. “It’s been fantastic compared with what I’ve experienced in certain other countries, certainly in West Africa.”

The project, 320 km from Sao Luis, the capital of Maranhao state, and 400 km from Belem, the capital of Para state, is road accessible, and can be reached by a one-hour air charter from either city.

The area also has skilled workers.

Maranhao is one of the country’s poorest states, and people are keen to find jobs, Milau said. “There are a lot of skilled workers in the area that really want to get back to work once we get this thing back into production.”

Over the last year, Luna Gold has traded from 3¢ to 35¢, and at press time traded at 29.5¢ per share.

The company has about 388.8 million shares outstanding of which Pacific Road owns 45%, Sandstorm Gold (TSX: SSL; NYSE: SAND) owns 17% and Management holds 3%.

Luna has a market cap of around $112 million.Milau sees opportunity in Luna Gold’s share price, too.

“The stock has had a really tough time since it had its difficulties a couple of years ago,” he said. “For us, that was part of the opportunity here. It still has room to move to catch up. When you look at valuations of actual producers that are producing 150,000 oz. gold a year at these costs, you’re looking quite often at half-a-billion-dollar market cap these days. Our market cap is sub-$100 million.”

“We’re not here to build one mine that’s six and a half years,” he added. “We believe we can become a multi-asset producer … that was our experience in building up Endeavour.”

The goal, he says, is to double reserves through exploration.

In addition to the Piaba and Boa Esperanca deposits, the property contains a number of exploration targets, including to the west of the Piaba pit (and underneath the existing pit), as well as the Tatajuba target, 2.4 km southwest of Piaba within the Aurizona Shear Zone (ASZ). Tatajuba extends over an 800-metre strike length, and like Piaba, it contains gold mineralization associated with a sub-vertical to moderately north-dipping structure within the ASZ. Other targets on the property are Conceicao a deposit 1.6 km southeast of Piaba, and Ferradura, a deposit 1.7 km southeast of Piaba. (Luna Gold reported small resource estimates for both deposits in March 2013.)

Near-mine targets include the Tatajuba Extensions (surface geochemical gold anomalies extending to the east and west of the Tatajuba zone); Micote, 3 km east of Piaba on a parallel northeast-trending mineralized structure; and São Lourenco, 3.5 km east of Piaba and 500 metres south of Micote.

In May, Luna Gold’s previous management team signed an exploration agreement with AngloGold Ashanti (NYSE: AU) to spend US$14 million on exploration over four years to earn a 70% interest in mineral claims over 1,702 sq. km (which can be increased to 2,387 sq. km, subject to government approvals).

The joint-venture will not include mineral claims corresponding to the Aurizona gold mine, the nearby Tatajuba extension and other brownfield properties, or the Touro greenfields property.

Luna Gold says the deal shows the Greenfield claims’ potential.

“It’s an area of focus for them in South America,” Milau said.

“Over the next four years they plan to spend a reasonable amount of money looking for more Anglo-sized projects on the greenfield areas of our tenements.” TNM

2016-10-25 7:04 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 31–NOVEMBER 6 2016

15

Dynacor Gold Mines’ Chala gold processing plant in Peru, 600 km south of Lima, which treats ore extracted by local miners. DYNACOR GOLD MINES

Dynacor fires up Chala plant TOLL MILLING

BY TRISH SAYWELL

P

tsaywell@northernminer.com

eru’s new president Pedro Pablo Kuczynski has said he will implement policies that favour investment in the mining sector, and plans to enhance and streamline the formalization process for artisanal miners.

Dynacor Gold Mines (TSX: DNG; US-OTC: DNGDF) says that’s good news not only for the country’s economy, but for the company, too, which just opened a new processing plant near the city of Chala, 600 km south of Lima, that treats ore bought from approved local miners.

“We’re hearing that as many as 250,000 to 300,000 local miners are still out of the formalization process,” Dynacor’s director of investor relations Dale Nejmeldeen says. “If they were not approved by April 2012 as registered miners, legal ore processors like Dynacor were not permitted to buy ore from them.”

Nejmeldeen notes that the recently elected president — who earned bachelor’s degrees in politics and economics from Oxford University and a master’s in economics from Princeton, and is also a former minister of mines — wants to bring at least half of the country’s unregistered informal miners in the country into the formal sector, and has made announcements to that effect.

“Even if they bring half of them into the formal sector, these registered miners will deal with companies like Dynacor, which pays its taxes, so there’s a lot of tax revenue they’re looking at here,” Nejmel-

1 2 3 4 5 11 13 14 15 16_OCT31_Main .indd 15

| Company advances Tumipampa gold-copper project in Peru

deen says in a telephone interview from his office in Vancouver.

According to the energy and mines ministry, Nejmeldeen says, small-scale miners last year generated an estimated US$3 billion revenue and produced 20% of Peru’s gold.

But Nejmeldeen is rea listic about the pace of change in Peru, particularly given that President Kuczynski’s party, the PPK, holds only18 of the 130 seats in Congress.

By contrast, the party of his strongest opponent, Keiko Fujimori, the daughter of former president Alberto Fujimori, has 73 seats.

Dynacor buys ore from 300 registered miners, and in the three months ended June 30, the company recorded its twenty-first consecutive profitable quarter. Production in the second quarter reached 17,525 oz. gold, up from 16,594 oz. gold in the second quarter of 2015, earning the company US$1.1 million, or 3¢ per share, compared to the year-earlier quarter’s US$0.8 million, or 2¢ per share.

The company acquired its first ore processing plant, MetalexHuanca, 450 km south of Lima, in 1998, and inaugurated its second, Veta Dorada, on Oct. 3.

The new US$15-million carbonin-pulp plant — 5 km off Peru’s section of t he Pa n A merica n Highway — is fully permitted for 300 tonnes per day and has been designed for processing ore from multiple suppliers. It has also been designed to be readily expandable to 450 tonnes per day and then to 600 tonnes per day by adding lines and ball mills.

Nejmeldeen says Veta Dorada runs at 250 tonnes per day, but

“THIS WHOLE AREA IS HEATING UP. JUST RECENTLY THERE HAS BEEN A BARRAGE OF CLAIM ACTIVITY BY SENIORS, RIGHT BESIDE TUMIPAMPA.” DALE NEJMELDEEN DIRECTOR OF INVESTOR RELATIONS, DYNACOR GOLD MINES

should reach 300 tonnes per day by year-end, and 360 tonnes per day by April 2017.

The mill’s location in an underpopulated area is also ideal, he says. “It is a great spot because it’s in the middle of the desert — we have plenty of room. There are 15 years of tailings space available on one side of the mill, and we purchased another piece of land on the other side of the road, and can increase the tailings another 10 years when the time comes.”

Dynacor expects the new plant will increase the company’s gold production by at least 40%.

In addition to ore processing, Dynacor is advancing its Tumipampa gold-copper project, 500 km southeast of Lima. The company says it’s close to putting out a resource estimate that will largely encompass the high-grade gold found within the project’s Manto Dorado, Manto Nazareno, and Lisa epithermal vein and mantos systems.

So far, the mineralization has been traced from surface to 500 metres down-dip, and Dynacor says that the mineralization could extend another 2.3 km towards a porphyry system that was discovered during surface exploration late last year.

Tumipampa sits at 4,500 metres

above sea level on a barren plateau that straddles the AndahuaylasYauri porphyry and skarn belt to the east and a regionally trending corridor of epithermal gold and silver mineralization to the west — both known to host large base and precious metal deposits.

Alonso Sanchez, the company’s chief geologist, is eager to start drilling the disseminated zone, Nejmeldeen says. The Peruvian geologist says that much like Barrick Gold’s (TSX: ABX; NYSE: ABX) Lagunas Norte mine, Tumipampa’s disseminated zone hosts breccias, stockworks and veinlets of its own.

The disseminated zone in Tumipampa is located in similar types of host rocks such as sandstone and cuarcite from the Cretaceous period. (Lagunas Norte, on the western flank of the Peruvian Andes, 140 km east of the coastal city of Trujillo, produced 560,000 oz. gold last year at all-in-sustaining costs of US$509 per oz. gold.)

In addition, Dynacor has discovered that there is coal in the sandstone at Tumipampa, which is also similar to Lagunas Norte, Nejmeldeen says. “Finding coal in the sandstone at Tumipampa’s disseminated is noteworthy, as coal helps to capture and hold the gold,” he explains in a later email.

“All this, plus important values of

gold found on the surface, together with geophysical chargeability anomalies, lead Mr. Sanchez and others in the area to believe there is another economic disseminated breccia in the making.”

Dynacor’s closest neighbours at Tumipampa include China’s MMG, with its Las Bambas copper project to the east; Southern Copper (NYSE: SCCO), with its Los Chancas copper project to the east; Panoro Minerals (TSXV: PML), with its Antilla copper-molybdenum project to the south; and Bear Creek Mining’s (TSXV: BCM) La Yegua copper-molybdenum-gold project to the northeast.

North and northeast are Minas Buenaventura’s (NYSE: BVN) Orcopampa gold-silver mine; Hochschild Mining’s (US-OTC: HCHDF) Arcata gold-silver and Pallancata silver projects; Hudbay Minerals’ (TSX: HBM; NYSE: HBM) Constancia gold-copper mine; and First Quantum Minerals’ (TSX: FM) Haquira copper-gold project.

Nejmeldeen says more and more companies are scouting the area and staking claims. Over the last year, for instance, Southern Copper increased the size of its Los Chances claim by staking land eastward to within 2 km of Tumipampa’s border, Dynacor says.

“This whole area is heating up,” Nejmeldeen says. “Just recently there has been a barrage of claim activity by seniors, right beside Tumipampa.

At the front of the list is Barrick, with claims surrounding Dynacor.

Other noteworthy companies in the area are Anglo American, Buenaventura, Southern Peru, IamGold, Super Strong Mining (China) and Fresnillo Peru.” TNM

2016-10-25 7:04 PM

WWW.NORTHERNMINER.COM

OCTOBER 31–NOVEMBER 6, 2016 / THE NORTHERN MINER

16

Teck to buy out Rox at Teena deposit in Australia ZINC-LEAD

BY TRISH SAYWELL tsaywell@northernminer.com

A

fter optioning the Reward project from Rox Resources in 2011, and discovering the Teena zinc deposit on the concession in 2013, Teck Resources (TSX: TCK.B; NYSE: TCK) has struck a deal with the Aussie junior to acquire the other 49% stake in the project that it doesn’t already own.

The Teena deposit — 8 km west of Glencore’s McArthur River mine in Australia’s Northern Territory — has the largest and highest-grade zinc-lead resource found in Australia for more than 20 years, Rox Resources says, describing Teena as “the most significant discovery of zinc in Australia since Century in 1990.” (MMG’s Century, Australia’s largest open-pit mine, closed in 2015.)

| ‘Most significant discovery of zinc in Australia since Century in 1990,’ Rox says Drilling at Teena between 2013 and 2015 uncovered zinc-lead mineralization over thicknesses exceeding 20 metres over a 1.3 km strike length.

In June, Teena reported an inferred resource of 58 million tonnes grading 11.7% zinc and 1.6% lead for 6.5 million contained tonnes zinc and 0.9 million tonnes lead.

The June resource estimate used a 6% zinc and lead cut-off grade.

Rox Resources’ managing director, Ian Mulholland, described Teena’s resource in a press release at the time as “world-class,” and said the deposit’s estimated tonnage and grade was “comparable to other giant zinc-lead resources globally.”

He also noted that Teena “has zinc grades as high as operating mines at McArthur River, [Glencore’s] Mt. Isa and previously at

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“ZINC HAS BEEN THE OUTPERFORMER IN THE BASE METALS COMPLEX, AS STRUCTURAL SHORTFALLS IN MINE SUPPLY HAVE PUSHED THE REFINED MARKET INTO DEFICIT.” ANALYST REPORT BANK OF AMERICA MERRILL LYNCH

Century,” adding that the deposit contains 16.3 billion lb. zinc and lead metal (14.2 billion lb. zinc and 2.1 billion lb. lead), “which in terms of contained metal exceeds the endowments of either the Cannington or the Dugald River deposits.” (Both Cannington and Dugald River are located in Queensland; Cannington is owned by South32 [LSE: S32] and Dugald River by MMG.) The zinc-lead mineralization at Teena occurs as two subparallel lodes — the thicker and highergrade Lower Lode and the Upper Lode. At a 6% zinc cut-off grade, the Upper Lode has inferred resources of 45 million tonnes averaging 12% zinc and 1.8% lead, while the Lower Lode has 14 million tonnes grading 8.2% zinc and 1.2% lead.

So far 22 drill holes have been completed at Teena. The first hole was drilled in 1961. The next eight were drilled between 1976 and 1977. No more drilling took place until Teck’s discovery hole in 2013.

Since then Teck has completed 14 more drill holes, for 14,700 metres.

Of the 22 holes drilled so far, Rox Resources states, 17 intersected mineralization that was used in the inferred resource.

“It is likely that the mineral resources will grow by more drilling, especially along the margins of the deposit,” Rox Resources stated.

In an email, Teck’s senior communications specialist in Vancouver, Chris Stannell, said the company “is pleased to have the opportunity to consolidate this quality zinc asset, located in one of the world’s premier zinc provinces,” and noted that Teck had earned 51% in the project, with the right to earn up to a 70% interest.

As of March 31, Teck had spent $13.9 million on the project for its 51% interest, according to Rox Resources.

Under the latest deal, Teck must pay A$10.6 million in cash (or A$8 million in cash and A$3.6 million in freely trading securities) payable on closing, provide a three-year, A$5.3-million interest-bearing promissory note, and another A$3.8 million in cash payable either six years after the closing date, or the completion of a bankable feasibility study.

Teck’s decision to acquire all of Teena coincides with a zinc price that has risen steadily since the start of 2016.

Zinc has been the best performing base metal this year (up 45.3% since January), and analysts at Bank of America and Merrill Lynch Global Research noted in a report released on Oct. 7 that they see “further upside in 2017, on lack of mine supply.”

The analysts have increased their

A high-grade section of drill core from the Teena zinc-lead deposit on the Reward property. ROX RESOURCES

The Reward zinc-lead project in Australia’s Northern Territory. ROX RESOURCES

A high-grade section of drill core from the Teena zinc-lead deposit on the Reward property. ROX RESOURCES

2016 price target for zinc 3.7% from US$1,987 per tonne, or 90¢ per lb., to US$2,061 per tonne, or 93¢ per lb. zinc.

Bank of America Merrill Lynch has raised its 2017 zinc price forecast 13.3% to US$2,575 per tonne, or $1.17 per lb., up from its previous forecast of US$2,273 per tonne, or $1.03 per lb. zinc.

“Capital expenses on lead and zinc facilities remains subdued for a host of reasons, suggesting that the bull market, especially in zinc, is structural,” the report stated, adding that between April 2008 and October 2015, zinc and lead saw “some of the lowest production expansion in years.”

The research report stated that “zinc has been the outperformer in the base metals complex, as str uctura l shor t fa l ls in mine supply have pushed the refined market into deficit. The mine project pipeline remains relatively empty, partly because few miners

focus on zinc, suggesting that prices may see further upside.

Galvanized steel producers are key zinc buyers, and even if China’s steel industry may be under pressure ... there is pent-up demand in the country, suggesting the country’s zinc off-take may not fall off a cliff.”

In terms of its geology, the Teena mineralization style is similar to that at the McArthur River zinclead mine, Rox Resources says, and like McArthur River, the zinc-lead sulphide mineralization is hosted by the HYC Shale Member of the Barney Creek Foundation.

While no definitive metallurgical test work has been carried out, Rox Resources said, preliminary testing produced a potentially saleable zinc concentrate (plus 50% zinc), with a low lead content. The results for lead recovery into a separate concentrate were inconclusive, the junior reported, and more test work is required. TNM

2016-10-25 7:04 PM

SPECIAL SUPPLEMENT TO THE NORTHERN MINER / OCTOBER 31–NOVEMBER 1, 2016

PAGES B1 - B8

JANUARY 23-26, 2017

INVITATION FROM THE CHAIR

Kendra Johnston, Independence Gold Corp.

Roundup 2017 Organizing Committee Chair

Welcome to AME Mineral Exploration Roundup 2017! This year’s conference will bring together geoscientists, prospectors, investors, suppliers and First Nation partners to share ideas that will help shape the future of mineral exploration and development. As the mineral exploration and development industry continues to work through the current downturn, we reflect on the importance of networking, professional development and relationship building with our partners, stakeholders and competitors. Mineral deposits are becoming harder to find; we must now travel to more remote locations, search deeper beneath cover, and sometimes settle for lower grades. These aspects, coupled with the challenging market conditions, remind us that we must be more creative and collaborative as we explore to discover and develop new mineral deposits.

Mineral Exploration Roundup 2017,

Gearing up for Discovery, will focus on sharing new ideas, generating new connections and creating collaborative solutions. Our prominent Technical Sessions will highlight projects that have overcome challenges to succeed by using a combination of tried and tested techniques and new, innovative solutions. The best-practice Show Case Sessions will explore new ideas in areas of the industry that must be mastered to successfully navigate challenges and

opportunities. Lastly, our public outreach presentation, “Discovery Day” has been expanded to feature more interactive displays, industry-focused public-interest talks, and activities for your whole family.

Join us at Roundup 2017 from January 23-26 at Canada Place in Vancouver, B.C.! Learn, share ideas and connect with others from every aspect of the industry from prospecting to reclamation and everything in between.

ABOUT AME The Association for Mineral Exploration (AME) is the lead association for the mineral exploration and development industry based in British Columbia. Established in 1912, AME represents, advocates, protects and promotes the interests of thousands of members who are engaged in mineral exploration and development in B.C. and throughout the world. AME encourages a safe, economically strong and environmentally responsible industry by providing clear initiatives, policies, events and tools to support its membership.

GENERAL INFORMATION Venue AME Roundup 2017 will be held under the Canada Place sails at Vancouver Convention Centre East, 999 Canada Place, Vancouver, B.C. Online Registration Visit roundup.amebc.ca to register and for conference, visitor and hotel information.

Registration Inquiries: For registration questions please contact Conexsys Event Registration at 1.855.787.2457 (toll-free) or email: roundup@conexsys.com

Your Exploration Advantage Visit us at Roundup 2017 Booth #1019

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TNM Roundup Oct 31 2016.indd 1

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AME ROUNDUP 2017 / THE NORTHERN MINER / OCTOBER 31-NOVEMBER 1, 2016

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Sponsorship opportunities are still available.

For more information, email roundup@amebc.ca or call 604.630.3930.

2016-10-24 4:53 PM

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OCTOBER 31-NOVEMBER 1, 2016 / THE NORTHERN MINER / AME ROUNDUP 2017

SHOWCASE SESSIONS THE GATHERING PLACE: WHERE ABORIGINAL AND INDUSTRY LEADERS MEET Tuesday, January 24 – Wednesday, January 25

TECHNICAL SESSIONS OFFICIAL OPENING CEREMONIES AND KEYNOTE SPEAKER Monday, January 23 | Morning

Join us to kick off Roundup 2017 with featured keynote speaker David Garofalo, President and Chief Executive Officer of Goldcorp.

REGIONAL OVERVIEWS Monday, January 23 | Afternoon

This signature session will provide an update on mineral exploration and mining activities in British Columbia, Yukon, Alaska, Saskatchewan and Nunavut. The content will link the latest geoscience information with the latest mineral exploration and mining industry activities. This session is geared to providing prospectors, exploration geologists, engineers, miners, financial analysts, investment organizations and senior industry leaders with a solid foundation and a vision to succeed. Please join us as we celebrate the successes of the past year in mineral exploration and mining, and gear up for the discoveries ahead.

NEW GEOSCIENCE: RESEARCH AND KNOWLEDGE FOR EXPLORATION Tuesday, January 24 | Morning

The New Geoscience Session (formerly Public Geoscience) on the Passport to Explore Floor will feature technical talks by government and university geoscientists. The topic will be new geoscience initiatives and research in the Cordillera area. The 2017 session will be broken into two themes, including: “Golden Cordillera” and “Geoscience for New Exploration”. The Passport to Explore reception will follow.

GOLDEN STRATEGIES FOR GROWTH Tuesday, January 24 | Afternoon

This session will provide insights and information on the key strategies that set companies apart from competitors.

The strategic considerations related to project evaluation, acquisition and exploration decision-making this session provides will equip explorers with an understanding of some of the strategies used by major, mid-tier mining and junior companies in the current market to improve success in future cyclical markets. The knowledge acquired from this session will work to assist and motivate participants to develop and implement their company’s long term strategic plan, with a focus on criteria needed for successful gold project evaluation.

TNM Roundup Oct 31 2016.indd 3

GOVERNMENT AND INDUSTRY SESSION Wednesday, January 25 | Morning

The eighth annual B.C. Government and Industry Session will feature an opportunity for B.C. government and political leaders to provide their mineral exploration and mining policy positions during a facilitated question and answer period with delegates.

INTERNATIONAL HIGHLIGHTS Wednesday, January 25 | Morning

There has been renewed interest in mineral exploration this year and a number of companies have stepped up their activity. This session will highlight exciting discoveries from around the world that demonstrate the

clever and effective groundwork that has been done during the recent tough down-cycle over recent years.

CANADIAN HIGHLIGHTS

The Gathering Place builds on the positive legacy of previous Roundup Gathering Place events. It provides a welcoming space for respectful dialogue where participants have the opportunity to learn from each other’s experiences – lessons learned, best practices, challenges and successes relating to building mutually beneficial Aboriginal relationships during mineral exploration. The Gathering Place is the only multi-day Show Case session at Roundup, and is a widely anticipated and actively attended event that attracts a broad range of Roundup attendees.

AME has always encouraged mineral explorers to foster respectful relationships through early and meaningful engagement with Aboriginal peoples in order to move forward with successful mineral exploration and development,

having a mineral project understood and supported by Aboriginal people is a foundational component of successful exploration. The Gathering Place facilitates discussion of interests and issues by inviting leaders (Aboriginal, political and industry) to share their perspectives in an earnest and open manner.

DIALOGUES IN PERSPECTIVE Thursday, January 26 | Morning

The Show Case Session has evolved to bring forward collaborative dialogue on relevant topics impacting the mineral exploration industry. This year will feature the theme “Modernizing the Free-Entry System” by bringing together diverse subject-matter experts to share their understanding of this topic. The facilitated conversations will allow for different perspectives and lead to suggestions on how to keep the conversation moving forward.

Wednesday, January 25 | Afternoon

To highlight selected Canadian Mineral Exploration concepts, discoveries, and advanced projects as we gear up for the next discovery cycle!

B.C., YUKON, ALASKA Thursday, January 26 | Morning

This Technical Session will present the highlights of some of the exciting and innovative exploration programs across a range of various commodities a nd deposit t y pes that are operating in B.C., Yukon and Alaska.

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2016-10-24 4:53 PM

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AME ROUNDUP 2017 / THE NORTHERN MINER / OCTOBER 31-NOVEMBER 1, 2016

EXHIBIT HALL

The Exhibit Hall is a staple of Roundup 2017 and presents an unparalleled opportunity to visit a wide cross-section of companies working in the mineral exploration and development sector. Along with great exploration and service and supply companies, make sure to check out the Core Shack, Prospectors’ Tent and Poster Session all located on the Exhibit Hall floor.

Dates: Monday, January 23, to Thursday, January 26 Time: 9:00 a.m. to 4:00 p.m. (Monday to Wednesday); 9:00 a.m. to 2:30 p.m. (Thursday)

AME ROUNDUP 2017 EXHIBITOR LIST As of October 14, 2016. Subject to change. Visit roundup.amebc.ca for a list of current exhibitors, booth numbers and days exhibiting.

62 Degrees North Inc Abitibi Geophysics Activation Laboratories Ltd. AECOM AGI-ENVIROTANK Agnico Eagle Mines Limited.

Alaska Geological Survey Alberta Energy Almaden Minerals Ltd ALS Global AMC Mining Consultants Amec Foster Wheeler Anachemia Mining/A VWR Company Analytical Solutions Ltd. APEGBC APEX Geoscience Ltd. Aramark Remote Services ASD, Inc. Association for Mineral Exploration

TNM Roundup Oct 31 2016.indd 4

(AME) Auracle Remote Sensing Aurora Geosciences Ltd. Avidian Gold Inc Avino Silver & Gold Mines Ltd BC Ministry of Energy and Mines BC Securities Commission BCIT-Mining Big Ice Services BigSteelBox Structures Blue Coast Research Ltd BMC Minerals Boart Longyear Britannia Mine Museum Bruker Bureau Veritas Minerals CAMFIL FARR APC Canada Revenue Agency Canadian Diamond Drilling Association (CDDA)

Canadian Helicopters Limited Canadian Institute of Mining Canadian Zinc Corporation Cancadd Imaging Solutions Ltd. CanNor Cansel Caron Business Solutions Inc. CDN Resource Laboratories Ltd CME Consultants Inc. CMIC Footprints Project Coast Mountain Geological Ltd. CODES Colorado Resources Ltd Computational Geosciences Inc. Condor North Consulting ULC Constantine Metal Resources Corescan Council of Yukon First Nations Crone & TMC Geophysics

DataBC Datamine DGI Geoscience Inc. Dias Geophysical Diaset Products Ltd. Di-Corp Discovery Geophysics Inc DRIVING FORCE Eagle Mapping Ltd Eagle Plains Resources Ltd./ Terralogic Exploration Inc. Eastfield Resources Ltd. Energold Drilling EON Geosciences Inc. Equity Exploration Consultants Esri Canada Eurasian Minerals Inc. Evrim Resources Corporation Extreme Products / Talik Fladgate Exploration Consulting

2016-10-24 4:53 PM

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OCTOBER 31-NOVEMBER 1, 2016 / THE NORTHERN MINER / AME ROUNDUP 2017

AME ROUNDUP 2017 EXHIBITOR LIST Corporation FORACO CANADA Foremost Foundex Exploration Ltd. Frontier Power Products Galaxy Broadband Communication Geoanalytical Laboratories-SRC Geometrics Georeference Online Ltd Geoscience BC Geosoft Geotech Drilling / ORIX Geotech Litd Geoti Inc Globalstar Gold Sniffer Inc. Golder Associates Ltd. Government of Northwest Territories Government of Nunavut Government of Saskatchewan Great Slave Helicopters Ltd. & Air Tindi Ltd. GroundTruth Exploration Inc. Hardrock Diamond Drilling Ltd. Hatfield Consultants Helicopter Transport Services High Power Exploration Group Hunter Dickinson Inc Hy-Tech Drilling Ltd. Imperial Metals Corporation INAC Independence Gold Corp InfoMine Inc.

Infosat Communications, LP InnovExplo inc.

Instrumentation GDD Inc. Integrated Sustainability IRL Supplies Kemetco Research Inc. Kenn Borek Air Ltd. Kiska Metals Corp.

Kivalliq Energy Corporation Knight Piesold Consulting LandSea Camp Services Langara Island Lodge Leapfrog Software (ARANZ Geo Canada Ltd) LiDAR Services International Lorax Environmental Services Ltd. Loring Laboratories Ltd Major Drilling Manning Elliott LLP Maxwell GeoServices (Canada) Inc. Maxxam Analytics MBI Drilling Products McCue Engineering Contractors McElhanney Consulting Services MDRU: Mineral Deposit Research Unit, UBC Mercer Contracting Met-Solve Laboratories MICROMINE Midas Gold Corp.

Mining Association of BC / Mining Suppliers Association BC Mira Geoscience MMD Mineral Sizing (Canada) Inc. MS Analytical

Mud Bay Drilling (2015) Ltd. Multi-Power Products Ltd. National Compressed Air Canada Ltd. NEOS New Brunswick Department Energy & Resources Development Newfoundland and Labrador Department of Natural Resources New-Sense Geophysics Ltd. Nilex Nolinor Aviation North Arrow Minerals Inc. Northern Thunderbird Air Inc Northspan Explorations Ltd. NORTHWEST TRUCK RENTALS LTD Northwestel Inc. Nunavut Tunngavik Incorporated NWT & Nunavut Chamber of Mines Ontario Ministry of Mines Orbit Garant Drilling Service Overburden Drilling Management Pacific Geomatics Ltd. PanPacific Wireline Services PETER E. WALCOTT & ASSOCIATES PhotoSat Placer Gold Design Porcupine Canvas Manufacturing Pothier Enterprises Ltd. Precision GeoSurveys Inc. PRECISION SERVICE & PUMPS INC. Prolenc Manufacturing Inc QMINE Geo Service Corp Radius Drilling Corp.

Raven Rescue Ltd

Raymac Environmental Services Reflex Instrument NA Remote Helicopters Ltd Robertson Mfg Ltd Roy Northern Land & Env. RWDI S&P Global Market Intelligence SABINA GOLD & SILVER CORP. Sacré-Davey Engineering Inc Scarlet Security Services Secure-Rite Mobile Storage Selwyn Chihong Mining Ltd. SGS Minerals Sims Group SJ Geophysics LTD. Skyline Assayers & Laboratories SkyTEM Canada Inc SLR Consulting Society of Economic Geologists SolGold Plc Spatial Technologies Spectral Evolution SRK Consulting STC Footwear Stewart World Port Superior Propane Team Drilling TECH Directional Services Teck Resources Limited Terra Remote Sensing Inc. Terrace Business Resource Centre Terracore Terraplus Inc Terraquest Ltd. Tetra Tech The Northern Miner Tintina Air Inc. TRANS NORTH HELICOPTERS Triton Environmental Consultantants TSL Laboratories Tufport Industries Ltd. Tundra Sales Inc. University of New Brunswick Vista Clara Wellgreen Platinum Ltd Wink Vibracore Drill Company Ltd Xpera Risk Mitigation Yukon College Yukon Government Zonge International

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TNM Roundup Oct 31 2016.indd 5

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AME ROUNDUP 2017 / THE NORTHERN MINER / OCTOBER 31-NOVEMBER 1, 2016

TICKETED NETWORKING EVENTS Tickets are available for purchase when registering.

THURSDAY WRAP-UP LUNCH

CHAIR’S WELCOME DINNER

NETWORKING BUFFET BREAKFAST

Sunday, January 22 Vaughn Palmer, Journalist, Vancouver Sun

AME LUNCH Tuesday, January 24 Don Lindsay, President and CEO, Teck Resources Limited

FINANCE LUNCH Monday, January 25 Terry MacGibbon, Executive Chairman, TMAC Resources Inc.

AME ENVIRONMENT, HEALTH AND SAFETY AWARDS BREAKFAST Wednesday, January 25 Brian Kraus, Global Director of Safety Performance Improvement Services, ERM

INVEST BC NETWORKING LUNCH Wednesday, January 25 Gwen Preston, Founder, Resource Maven

AWARDS GALA: CELEBRATION OF EXCELLENCE Wednesday, January 25

Thursday, January 26

Monday, January 23 through Thursday, January 26

GENERAL NETWORKING EVENTS ICEBREAKER RECEPTION Sunday, January 22

STUDENT-INDUSTRY NETWORKING EVENT Sunday, January 22

PASSPORT TO EXPLORE RECEPTION Monday, January 23

YUKON NIGHT (HOSTED SEPARATELY BY THE YUKON CHAMBER OF MINES; INVITATION ONLY) Monday, January 23)

POSTER SESSION RECEPTION Tuesday, January 24

B.C. NIGHT Tuesday, January 24

EXHIBIT HALL HAPPY HOUR Monday, January 23– Wednesday, January 25 (4 to 5 p.m. daily)

SPORTING EVENTS HOCKEY CHALLENGE Monday, January 23 (1 to 4 p.m.)

CURLING BONSPIEL Wednesday, January 25 (6:30 to 11 p.m.)

FREE FAMILY EVENT DISCOVERY DAY! Sunday, January 22, 10 a.m. to 2 p.m.

Discovery Day is an outreach event designed to educate the public about the mineral exploration industry and build awareness about the importance of minerals and metals in our everyday lives. Bring the whole family down to experience the intrigue and excitement of our industry, with interactive and educational displays that will engage both adults and children.

CORE SHACK The Core Shack showcases new discoveries, leading prospects, advanced projects and operating mines from around the world. Core Shack 2017

will feature drill core samples from projects in diverse countries and settings, and represent a broad array of deposit types and project stages.

PROSPECTORS’ TENT The Prospectors’ Tent provides an opportunity for independent prospectors to present their hard-earned mineral properties and discoveries. Featuring displays of maps, rock samples, drill

core, sketches, photographs and analyses, it is a great place to see properties with potential throughout B.C. and Yukon, and perhaps to make some discoveries of your own.

PASSPORT TO EXPLORE The Passport to Explore Floor will host provincial, territorial and national geological surveys. These rooms provide dedicated spaces for

delegates to meet and discuss exploration activities and opportunities with each of the jurisdictions.

POSTER SESSION The Poster Session will display over 100 posters highlighting cutting edge geoscience research and mineral exploration innovation from the BC Geological Survey, Yukon Geological Survey, Geological Survey of Canada, Geoscience BC, academics, students, and industry researchers. Posters

will be on display for all four days of Roundup 2017, and will include geological mapping, geophysical and geochemical surveys, and research on the genesis of a wide variety of deposit types from across the Cordillera, other parts of Canada, and the rest of the world.

The B.C. Pavilion is a one-stop venue for Roundup delegates to discuss the business of mineral exploration with government representatives from the

BC Geological Survey, Mineral Titles Branch, Health, Safety and Permitting Branch, FrontCounter BC, and DataBC.

B.C. PAVILION

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SHORT COURSES

Register early for Short Courses; these are often sold out well in advance of the conference.

MARKETING AND COMMUNICATIONS IN THE MINING WORLD Friday, January 20

The rapid spread of information on social media platforms, the growth of viewership of digital content and the increasing public involvement in the mining industry mean that mineral exploration and development companies must understand how to properly market and communicate their companies in order to succeed. This half-day short course will get you up-to-speed on how to market yourself to investors, the public, and the business community, as well as provide tips and tools for how to respond in a crisis situation.

MINING COMPANY DISCLOSURE 101 Friday, January 20

Learn the fundamentals of good mining company disclosure.

This full-day course is designed to help geologists and engineers prepare & approve technical disclosure, and understand the principles of timely disclosure that underlie it.

Presented by geologists from the B.C. Securities Commission, TSX Venture Exchange (TSX-V) and Investment Industry Regulatory Organization of Canada (IIROC), you will get valuable information that you can apply immediately.

GEOPHYSICS FOR GEOLOGISTS Presented by: BC Geophysical Society Saturday, January 21 – Sunday, January 22

This two-day course can be taken in full or in separate half-day components. The first three components will cover the three principal geophysical methods used in mineral exploration: each covering basic principles from a geologic perspective, survey design and quality control, followed by case study applications. The final component will cover advanced interpretation methods: inversion and earth modeling, with additional interpretation case studies.

Day 1 (AM) – I nduced Polarization and Resistivity Day 1 (PM) – Gravity, Magnetics and Radiometrics Day 2 (AM) – Electromagnetics and Magnetotellurics Day 2 (PM) – Inversion, Modelling, and Interpretation

GOLD DEPOSIT MODELS, TARGETING & EXPLORATION Presented by: Mineral Deposit Research Unit, UBC Saturday, January 21 – Sunday, January 22

This two-day course will provide participants with an overview of fundamental and new concepts in gold deposit geology, models, targeting and exploration methods. The material covered will contribute to your improved exploration decision-making from ground acquisition to discovery. Participants will be exposed to new and critical criteria in model definition. Targeting criteria and techniques will range across scales from crustal to prospect scale utilizing a range of innovative and tried-and-true techniques, including presentations from the Integra Gold Rush Challenge.

Several practical exercises will emphasize practical hands-on

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map-based applications. This course is aimed at mineral exploration geologists, as well as government, academic, and student geologists. Additionally, this course provides an opportunity to meet and exchange data and views with leading researches in the field. And yes, there will be rocks.

BRITISH COLUMBIA GEOLOGICAL SURVEY MAPPLACE 2 BETA WORKSHOP Presented by: BC Geological Survey Saturday, January 21

Designed for anyone interested in British Columbia geoscience, this workshop focuses on what MapPlace 2 a web service created by the British Columbia Geological Survey that allows anyone with an Internet connection to efficiently mine multiple geoscience databases, can do for you. Through demonstrations and scenariobased exercises, participants will learn how to use basic MapPlace 2 functions and explore some of its more advanced features. We start with an overview of the interface, a review how the basic tools function, and descriptions of dataset organization and custom applications. We then conduct simple searches, downloading data and creating custom maps, and follow with more advanced tasks. Ultimately, participants will learn how MapPlace 2 can help guide exploration and investment decisions by saving time and effort gathering and analyzing geoscience data.

RARE EARTH AND CRITICAL ELEMENTS IN ORE DEPOSITS Presented by: Society of Economic Geologists Saturday, January 21 – Sunday, January 22

This two-day course will provide a comprehensive overview of rare earth and critical elements in ore deposits. The material will emphasize deposit types, major deposits, critical element mineralogy and geochemistry, processes controlling ore grade enrichment, and exploration guides. Rare earth elements will be a major focus of the course because of their broad interest during the past decade, but we will also cover present knowledge of where and how enrichments take place in deposits for commodities such as antimony, cobalt, germanium, indium, lithium, niobium, tantalum and tellurium. Identifying potential sources for some of these elements deemed critical is challenging because of their minor historic usage and, to date, limited exploration targeting.

However, they are now evolving into important economic targets that explorers cannot ignore.

INTEGRATED SOCIAL RESPONSIBILITY (ISR) & ABORIGINAL RELATIONS Presented by: AME Aboriginal Relations and Integrated Social Responsibility Committees Sunday, January 22

These courses can be taken in individual sections or as a full one-day course.

The morning, titled Uncovering Economic Opportunities – Mineral Exploration & Aboriginal People, will focus on First Nations perspectives and mineral exploration. Attendees will

gain understanding of the history, science and perspectives of both first nations and exploration companies; obtain fuller understanding of economic opportunities available to community groups to Aboriginal communities and discover earth science for opportunities and resource management.

The afternoon, titled Social Sustainability: Measuring Success and Ensuring the “Social Chain of Custody”, will highlight the changing landscape of Integrated Social Responsibility, key indicators and due diligence. The course will provide an overview of social responsibility principles and measurement tools needed to determine the effectiveness of CSR programs and engagement outcomes. Using case studies and facilitated, interactive exercises, attendees will explore the practical and potentially challenging aspects of ensuring the “social chain of custody” from claim staking to the development of a mineral deposit. Case studies will highlight practical scenarios from British Columbia, as well as projects in various international jurisdictions.

STUDENT ORIENTATION: EXPLORING EXPLORATION Presented by: Andy Randell, SGDS Hive Sunday, January 22

In this course, students will get the opportunity to learn more about the dynamic roles they will play in the exploration industry.

The day will be split into two sessions, with the popular Industry Speed Dating in the morning, followed by Exploration Monopoly in the afternoon.

The speed dating session allows participants to talk to experts from all aspects of the modern mineral exploration business, from grassroots projects to mines, and also geochemists, First Nations and environmental representatives. You will learn about the wide range of issues and considerations the modern geologist faces in their day to day role.

During the Exploration Monopoly session, teams will get to develop exploration targets under expert guidance, but like the traditional Monopoly board game, there will be twists and turns thrown in that you will have to adapt to in order to keep your project on track.

USING DEPOSIT MODELS TO CHOOSE EXPLORATION TARGETS AND MARKET PROPERTIES Presented by: David Lefebure, Lefebure GeoLogic Ltd. Sunday, January 22

In a course designed for geologists, prospectors, students, technical analysts and others, attendees will: • Learn how to use deposit model information to best examine and select attractive exploration targets using field criteria, public data and company reports.

• Gain a general understanding for the more common metallic mineral deposit models found in the Cordillera.

• Find out why some of the more interesting mineral occurrences don’t match up well with a mineral deposit model.

The British Columbia Deposit Profiles will provide the framework for the course.

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HIGHLIGHTS FROM ROUNDUP 2016

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